Reliance Venture invests in Gradatim IT Ventures

NEW DELHI: Anil Dhirubhai Ambani Group firm Reliance Venture Asset Management today said it has completed the first round of venture funding in technology solutions provider Gradatim IT Ventures.

The transaction marks Reliance Venture Asset Management's third investment so far this year, a company statement said.

While the statement did not mention the amount of funding, it is understood to be in the range of USD 7-9 million.

Yes Bank was the exclusive advisor to this transaction, the statement said.

Bangalore-based Gradatim IT Ventures provides technology enabled on-demand solutions to leading microfinance institutions, non-banking financial companies and insurance providers.

"The microfinance sector in India is growing by leaps and bounds and we are happy to be a strategic partner to Gradatim IT Ventures. Gradatim, with their breakthrough technology solutions, has been a pioneer in this space and we see immense potential for further growth," Reliance Venture Asset Management CEO Harshal J Shah said.

Indo US Venture Partners is the existing investor in Gradatim, it added.

Reliance Venture already has 11 portfolio companies in its stable. This year so far, it has completed funding rounds in reverse supply chain solutions firm Reverse Logistics and semiconductor testing and product engineering company Tessolve Services.

The company, which is the corporate venture capital arm of the Reliance ADA Group, has advised or invested in deals worth over USD 4 billion since its inception in early 2006.