Godrej invests in community social network
Nadir Godrej, managing director of Godrej IndustriesBSE 0.26 % - part of the $3.3-billion ( Rs 17,800 crore) Godrej Group, has invested an undisclosed amount in LocalCircles, a community-based local social network, joining a growing list of corporate leaders who have turned into angel investors.
The Delhi-based start-up enables citizens to connect with local communities, including neighbours, colleagues and teachers, and find assistance during emergencies like fire or accidents through web or mobile phones.
"I thought this was an unusual development. They are trying to bring local communities together, bringing considerable amount of social value, and that attracted me," said Nadir Godrej, younger brother of group chairman Adi Godrej.
Besides Godrej, Maruti SuzukiBSE -0.44 % chairman RC Bhargava has joined the company as member of the advisory board.
Recently, a number of corporate leaders are backing young companies as the country witnesses an entrepreneurship boom.
While NR Narayana Murthy, co-founder of Infosys, has set up a $129-million venture capital fund called Catamaran, Ranjan Pai, CEO of the Manipal Education and Medical Group, along with former InfosysBSE -0.55 % director TV Mohandas Pai, has launched Aarin Capital, a $100-million private equity fund with a focus on life sciences, technology and internet sectors. Also, Nirvana Venture Advisors, a $75-million fund, is anchored by the Patni family, the founders of Patni Computer SystemsBSE -0.08 %, and Wipro's billionaire chairman Azim Premji has launched Premji Invest, a $1.5-billion fund.
Source : PEERZADA ABRAR,ET BUREAU
Nadir Godrej, managing director of Godrej IndustriesBSE 0.26 % - part of the $3.3-billion ( Rs 17,800 crore) Godrej Group, has invested an undisclosed amount in LocalCircles, a community-based local social network, joining a growing list of corporate leaders who have turned into angel investors.
The Delhi-based start-up enables citizens to connect with local communities, including neighbours, colleagues and teachers, and find assistance during emergencies like fire or accidents through web or mobile phones.
"I thought this was an unusual development. They are trying to bring local communities together, bringing considerable amount of social value, and that attracted me," said Nadir Godrej, younger brother of group chairman Adi Godrej.
Besides Godrej, Maruti SuzukiBSE -0.44 % chairman RC Bhargava has joined the company as member of the advisory board.
Recently, a number of corporate leaders are backing young companies as the country witnesses an entrepreneurship boom.
While NR Narayana Murthy, co-founder of Infosys, has set up a $129-million venture capital fund called Catamaran, Ranjan Pai, CEO of the Manipal Education and Medical Group, along with former InfosysBSE -0.55 % director TV Mohandas Pai, has launched Aarin Capital, a $100-million private equity fund with a focus on life sciences, technology and internet sectors. Also, Nirvana Venture Advisors, a $75-million fund, is anchored by the Patni family, the founders of Patni Computer SystemsBSE -0.08 %, and Wipro's billionaire chairman Azim Premji has launched Premji Invest, a $1.5-billion fund.
Source : PEERZADA ABRAR,ET BUREAU
