Sameer Guglani whose dvd rental startup Madhouse got funded for 1.05 crore and who later sold madhouse to Seventymm and joined them as VP-Corporate Strategy has now decided to quit Seventymm alongwith his Madhouse partner Nandini and start off a new venture. The new venture is a US based YCombinator style venture firm called Morpheus Venture Partners. For all those who have little clue on what YCombinator is please read this and this.

 In this blog post Sameer states his reasons for starting this new venture. Also for anyone who is looking to contact sameer with regards to more details can contact him on sameer AT morpheusventure DOT com.

The Seed fund category has been the least populated one if you do an analysis of Venture capital firms in India. There are just a handful of seedfunds and Im listing the ones that are on top of my mind here:

1. Seedfund - (www.seedfund.in)
2. Mumbai Angels (www.mumbaiangels.com)
3. Indian Angel Network (www.indianangelnetwork.com)
4. Erasmic Ventures (www.erasmic.com)

A Ycombinator type of venture firm is very much a necessity in India given the low startup costs and high need for guidance and value add. Given the background of Sameer who has recently started, got funded and sold a internet firm in the span of 2-3 years I think he would surely be able to value add to any new internet based startup that comes up to him. Will watch out for morpheus and how it evolves. All the best to Sameer from the WAT team for his new venture.

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