Omidyar Network, UEF invest Rs 60 cr in Comat Tech

Written by Corporate Bureau | Bangalore, Sept 29 | Updated: Sep 30 2008, 08:12am hrs
Comat Technologies, operators of a network of rural business centers in India, announced that it had received an investment of Rs 60 crore from Omidyar Network and the Unitus Equity Fund (UEF).

With the investment in Comat, the philanthropic investment firm of eBay founder Pierre Omidyar, Omidyar Network took its first step in direct investments in India.

The investment was also the first non-microfinance investment for the UEF, an Elevar Equity LLC managed private equity for strategic investments in micro finance institutions and social enterprises.

According to a release from Comat, the investment, which would enable Comat to expand to new states, would also accelerate service delivery for training and financial services alongside strengthening management bandwidth.

Sriram Raghavan, CEO, Comat Technologies said, "the infusion of funds from international, like-minded investors provides us singular focus and direction to benefit and transform the lives of rural citizens."