Matrix Partners India Expands Fund to $450 Million

Company Brief

New Delhi, November 7, 2007

Matrix Partners India, co-founded by Avnish Bajaj and Rishi Navani in partnership with Matrix Partners US, today announced that it has expanded its consumer services fund from $150 million to approximately $450 million. The venture and growth capital investment firm will now make larger growth capital investments up to $30 million in consumer services businesses. The fund will continue to make smaller venture capital investments in early stage companies and has invested in several companies thus far including asklaila, itzcash, Seventymm, and Yo! China.The investment team includes six investment professionals based in Mumbai.

Avnish Bajaj, co-founder & Managing Director, Matrix Partners India said, "In our first year of existence, we have made five investments across a variety of companies which play to the core of our consumer services thesis. We have also uncovered a number of proprietary growth equity investment opportunities, which include greenfield opportunities with significant capital requirements, as well as partnerships with Indian corporate houses and foreign companies trying to enter the Indian market; and now will look to invest up to $30 million in select companies."

"As pioneers of the consumer services theme we are seeing a number of opportunities that require more than $10 million of capital. With close to half a billion dollars in capital under management now, we can make larger growth capital investments and will continue to partner with entrepreneurs to build market leading consumer services companies. We have accomplished

the fund expansion with the overwhelming support of our existing investor base" added Rishi Navani, co-founder & Managing Director, Matrix PartnersIndia.

For further information please contact:

Shivani Sharma/ Ravi Sharma

Vaishnavi Corporate Communications

Mobile: 9871741891/ 9818440439

Email: ssharma@vccpl.com, ravisharma@vccpl.com