Google Coughs Up $3.75 Million And Purchases 30% Stock Of Ventureast TeNet Fund II

Next in line of Google Inc's long list of purchases is its acquisition of Ventureast TeNet Fund II for which the company (Singapore branch) coughed up a sum of $3.75 Million.

"The fund began with a corpus of $15 million with a mandate to finance start-ups in the telecom and IT industries. Ray Stata, Chairman and co-founder of Analog Devices of the US, had invested $10 million alone in Fund I. The TeNet group of IIT, Chennai, is the technology advisor, while Sarath Naru of APIDC is one of the co-founders of the fund. It typically will invest $2.5 million $10 million in an early stage venture. With Google acquiring 30 per cent in Fund II for $3.75 million, the size of the fund II is likely to be $12.5 million."

This is Google's third ever acquisition of Indian venture companies, the previous being Seed Fund and Erasmic Fund.

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