India's mobile commerce startup PayMate gets $5M from Kleiner Perkins and Sherpalo
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 commerceâ€“using the cellphone as a connected wallet to buy and sell stuff.
With over 100 million Indian wireless subscribersâ€”-more than double the number of the land phones in the countryâ€“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.
Tags: India, paymate, Kleiner, Sherpalo, shriram, startup, inspions