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2012-12-07

Naya Ventures launches $50-Million fund for mobile and cloud start-ups

Naya Ventures, a venture capital (VC) firm investing in early-stage and growth equity in US-and India- based mobile technology and SaaS companies, has announced its first closing for its $50 (Rs 270 crore) million fund.

Naya Ventures, a venture capital (VC) firm investing in early-stage and growth equity in US-and India- based mobile technology and SaaS companies, has announced its first closing for its $50 (Rs 270 crore) million fund.

The fund is headed by Dayakar Puskoor as general partner and a former Microsoft executive; Prabakar Reddy as managing partner, with more than 20 years of strategy and operational roles in Fortune 500 and innovative start-up companies and Gowri Shankar as venture partner and CEO of SinglePoint Technologies.

“We’re pleased that these investment partners have joined us and see the value in our unique approach,” said Puskoor.

“We are not a traditional incubator model, nor a traditional Venture Capitalist; we consult with our portfolio companies’ management teams to identify areas in which Naya can help and go beyond opening doors for our portfolio companies. All of our portfolio companies have benefited by Naya’s connections in getting strategic deals and partnerships, and kickstarting revenue opportunities,” added Puskoor.

In operation since 2011, Naya’s current portfolio consists of seven companies in the mobile and cloud market. These include BoxFish (formerly Mixaroo), a better way to control TV, Zoomingo, a shopping app platform that lets consumers find the best deals in their local stores or online from their smartphone or home computer; and Glympse, a mobile service that allows GPS-enabled mobile devices to share their location via a web app for a pre-set amount of time.

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