Spice Global has invested in Formation 8, a Silicon Valley-based and early-growth venture capital fund. Additionally, it will also invest in companies that Formation 8 invests in. Spice Global is a US$ 2 billion multi-company Indian conglomerate, headquartered in Singapore, with vested interest in mobility solutions, entertainment avenues, finance & mobile healthcare. Formation 8, on the other hand, is a pure Venture Capital firm with a clear focus on Technology & affiliated companies.
Formation 8 has been cleverly spreading its wings, thanks to its US$ 448 Million Corpus. It had recently invested heavily in startups within the Smart Enterprises & Energy Tech Companies all in & around Asia. Formation 8 actually is a giant collaborative Joint Venture itself, launched by Palantir Technologies, a multi-billion-dollar software company in Silicon Valley.
The five entrepreneurs forming the team include Joe Lonsdale (co-founder of Palantir Technologies), Tech entrepreneur Brian Bonwoong Koo, CMEA Capital’s Tom Baruch, Khosla Ventures’ Entrepreneur-in-Residence James Zhang and partner Jim Kim. Each of the members has individual interests in the technology of the Mobile Ecosystem. Additionally, Formation 8 has a presence in nearly all the major cities of all the continents, except India.
Spice Global has an Indian entity, active within the Mobile Segment called S Mobility which is essentially a mobile hardware & VAS provider. Being operator agonistic, the company has relations with subscribers of all mobile service providers & this offers a unique prospect to both the companies.
Owing to Formation 8’s active dominion, the company has offered Spice Global, market knowledge, deployment expertise, sales channels and relationship management tactics. Additionally, being fundamentally involved with startups, the firm can, even advice on promising & upcoming tech companies. Meanwhile, Spice Global can choose to invest in similarly beneficial companies with its funding power revealed Ozi Amanat, Chief Investment Officer of Spice Global, “Spice has invested in Formation 8 and side by side, it will co-invest in their deals through the fund,”
Do you think Formation 8 will strategically utilize this co-beneficial partnership to infuse financial mobility within the Indian Mobile Ecosystem?
Image Courtesy | mashable