TC-I Fundwatch: Omidyar Network and Unitus invest Rs. 60 Crore in Comat Technologies

The market for double bottom-line investments in India is becoming hotter and hotter. Interestingly, its not just the microfinance institutions who are attracting the capital. We reported earlier in TC-I about MokshaYug Access, securing $2 million in funding from Unitus and the ISB based SME fund set-up by Google.org in partnership with Omidyar Network and Soros Economic Development Fund. 

This time it is Comat Techonologies, a Bangalore based social enterprise dedicated to providing easy access to essential information and transformational services to Rural India. Comat just secured Rs. 60 crore in funding from Omidyar Network and Unitus Equity Fund (UEF)

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Google SMEs: Internet search company to provide capital to small and medium size businesses in India

One of the ongoing issues that appears to be hindering development in countries like India is the lack of equity based funding for small and medium sized businesses. These entities, which usually are too large to be benefited from a microloan but too small to have the necessary financials to secure corporate debt or private equity backing, are often left to fend on their own.

No more, as Google.org along with two other foundations has announced a fund to help finance such ventures.

From pluGGd.in by

Google.org, Soros Economic Development Fund (SEDF) and Omidyar Network have announced a $17 million Small to Medium Enterprise Investment Company for India to create job opportunities and spur greater economic participation for a larger segment of the population.

This joint Investment Company will provide capital to small and medium businesses in undeserved markets.

SMEs are considered by many as the critical component for poverty alleviation, job creation and the eventual development of a nation as their scalable nature gives them the chance to become a major Fortune 500 player down the road.