Sunday, July 9, 2006

India's mobile commerce startup PayMate gets $5M from Kleiner Perkins and Sherpalo


Link to the posting at GigaOm


Kleiner Perkins Caufield Byers and Sherpalo Ventures (a venture vehicle of Google-backer, Ram Shriram) have decided that India is the next big market for mobile commerce–using the cellphone as a connected wallet to buy and sell stuff.


With over 100 million Indian wireless subscribers—-more than double the number of the land phones in the country–they could be right. The two firms are investing over $5 million in Paymate, a mobile commerce company, a start-up backed created by the founders of Coruscant Tec, a Mumbai-based company that powers mobile content, commerce and other data applications that land on Indian phones.



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