Sherpalo Ventures And Kleiner Perkins Pick Up 15 Percent Stake In Futurebazaar.com
By Nikhil Pahwa - Thu 20 Mar 2008 02:32 AM PST
Sherpalo Ventures and Kleiner Perkins Caufield & Byers (KPCB) have together picked up 15 percent stake in the Future Group’s (Pantaloon) e-commerce portal Futurebazaar.com, Ram Shriram, founder of Sherpalo Ventures told ContentSutra in an interview today. Shriram said that they’re investing in the hybrid offline-online ecommerce model. The Future Group has the warehouses and the supply chain, and Futurebazaar.com will be offering the sale selection on the web. This was the investment, perhaps, that Shriram was referring to at a TiE summit last week.
But how much have Sherpalo and KPCB invested? Shriram won’t tell, but there may be a clue in an earlier report, last June, as per which the Future Group was looking to raise $20-30 Million For Futurebazaar.com, diluting 10-15 percent stake. As mentioned earlier, Sherpalo and KPCB have picked up 15 percent stake.
Also note that Sherpalo companies have done deals with the Future Group in the past - Cleartrip had earlier tied up with another Future Money to offer Travel on EMI. Cleartrip also has offline tie-ups with BigBazaar and Pantaloon Retail, both a part of the Future Group. Another Sherpalo investment - Paymate - provides mobile payment services to Future Bazaar. Future Bazaar is a part of Kishore Biyani’s Future Group, among the largest retail co’s in India.
Posted in: E-commerce, Retail, Venture Capital
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