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Baazee.com attracts Rs 17cr VC funding 

Neeraj Saxena  
NEW DELHI, MARCH 23: Mumbai-based baazee.com India Pvt Ltd, a subsidiary of the New York-based baazee.com Inc, has attracted a total capital commitment of over Rs 17 crore since its inception. The global list of investors who have participated in various rounds of financing over the last three months include some of the leading international venture capital funds like the Europe-based Viventures (the venture capital arm of Vivendi Corporation), the Latin American firm eVision holdings, ICICI Ventures, a wholl- owned subsidiary of ICICI, Chrysalis Capital and the London-based LN Mittal group.

baazee.com is the brainchild of Avnish Bajaj and Suvir Sujan, two Harvard Business School graduates. The company started its operations in Mumbai with the seed capital coming from Scott Murphy, an angel Investor from the US. In less than three months since inception, baazee has set up offices at three other cities in India and has about 30 employees on board. Said Avnish Bajaj, chairman and CEO, baazee.com, "Having partners like Viventures, eVision partners, ICICI Venture, Chrysalis Capital and the LN Mittal Group is a global vote of confidence in the baazee team's, vision and execution.

Their investments in similar ventures in other parts of the world give them the expertise that will help baazee stay far ahead of any potential competition," said Suvir Sujan, co-CEO, baazee.com. "The very fact that we have closed multiple rounds of funding way before the launch of the company's web site speaks volumes of the potential the investors see in our business plan." ICICI Venture, one of the Indian investors in baazee.com, said "With a very high level of expertise at the helm, coupled with a great team, baazee.com is all set to carve a niche for itself in the e-business arena. We are here to provide baazee.com complete support to achieve its objective and position the company as a name to reckon with in its area."

baazee.com is a consumer facing facilitator e-commerce business venture. Companies that have invested in Viventures include, Vivendi SA, SGAM (SG Asset Management), La Compagnie Nationale Portefeuille (Albert FrŠre group), Audiofina, Compagnie FinanciŠre et Industrielle Gaz & Eaux, BT (British Telecom), Mannesmann, Siemens Venture Capital, Nokia, Cisco, Sojecci Lt‚e, DLJ (Donaldson, Lufkin & Jenrette), EDB-Singapore funds, Viel & Cie, Europatech. eVision partners, is a Latin America-based venture fund established by graduates of the Harvard Business School who have started multiple successful Internet businesses in Latin America.

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