Greylock Venture Partners fund TechProcess (Formerly BillJunction)
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Greylock Venture Partners, the US-based venture capital firm with $2 billion under management, has made its debut in India by investing in TechProcess (formerly BillJunction).
What is TechProcess?
TechProcess (formerly known as BillJunction) was setup in 2000 as an Electronic Payment service. They were backed by ICICI Ventures.
Their services include processing transactions (debit & credit) for telecom, insurance, mutual funds, credit cards, banks and non-banking finance companies.
Greylock India declined to divulge any details of the deal but confirmed that they were part of the consortium which invested in TechProcess.
Ganesh Rengaswamy of Greylock India said, “We recently set up our India office, which is the second one outside the US, besides one in Israel. We are currently investing from our global fund. There might be a thought of an India-specific fund at a later stage as volumes increase.”
Greylock’s most talked about investment has been that of Facebook which is sure to ensure massive returns – if and when Facebook gets acquired.
Their current areas of focus in India include technology and technology-enabled services including IT product companies, consumer Internet, mobile and services across verticals. I doubt they’ll be looking at funding any Social Networking Sites in India - instead they would be looking at Facebook increasing it’s popularity in India.
Via: Business Standard
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A <a href="http://www.moneybrokertraining.com">capital venture</a> firm is very similar to someone who will act as an investor. This is because the objective is still the same. The people in charge will be reviewing tons of business proposals until one is found that is close to the visions of the company.
Tech Process is a transactions processing company which also does a lot of BPO activity for ICICI Group companies like ICICI Prudential and Lombard. It’s a BPO, ECS aggregator and executes small software development assignments for ICICI Group companies. The organization must not have achieved its break even < in terms of clearing its accrued losses > but must have managed to achieve a cash break even. It would be interesting to understand the PE that Tech Process has got…can some one share more info on the Grey lock Tec process deal!!