TC-I Fundwatch: Omidyar Network and Unitus invest Rs. 60 Crore in Comat Technologies
The market for double bottom-line investments in India is becoming hotter and hotter. Interestingly, its not just the microfinance institutions who are attracting the capital. We reported earlier in TC-I about MokshaYug Access, securing $2 million in funding from Unitus and the ISB based SME fund set-up by Google.org in partnership with Omidyar Network and Soros Economic Development Fund.
This time it is Comat Techonologies, a Bangalore based social enterprise dedicated to providing easy access to essential information and transformational services to Rural India. Comat just secured Rs. 60 crore in funding from Omidyar Network and Unitus Equity Fund (UEF):
Comat Technologies, operating India’s largest network of Rural Business Centres enabling socio-economic growth of rural communities, announced it has received an investment of Rs 60 crores from Omidyar Network and the Unitus Equity Fund (UEF). Omidyar Network, the philanthropic investment firm of eBay founder Pierre Omidyar, led the investment round, which marks the organization’s first direct investment in India. Comat is the first non-microfinance investment for UEF. Managed by Elevar Equity LLC, UEF is a private equity fund that makes strategic investments in high growth microfinance institutions and social enterprises.
The investment will enable Comat to expand to new States, accelerate service delivery for training and financial services, strengthen management bandwidth, and enhance its brand.