Canaan Partners has been mulling to exit India or launch a seperate India centric fund. India head, Alok Mittal has now quit Canaan partners and plans to do his own startup.
As far as Canaan partners is concerned, there are no plans to do fresh investments. The fund however will continue to support the existing portfolio.
I am glad to share with my friends that my instincts have led me towards attempting to do another startup,instead of continuing with the venture investing business. At Canaan, we have built partnerships with entrepreneurs who we feel very proud to be associated with.
We will continue to back and support those relationships, both institutionally and personally. However, I will not be making fresh venture investments. I am now on a lookout for a co-founder and an opportunity, which provide me with an uncompromising mix of fun and challenge over next many years. I look forward to help, support and guidance from my friends in startup, investing and corporate world, as I charter into what is always an unknown territory. [Alok Mittal]
Canaan Partners in India had a soft fund allocation from the main fund. The idea was to invest about 20% of the fund or nearly $150 mn in Indian companies. Canaan has made a few investments in companies like Bharatmatriomony and iYogi.
Alok, before starting Canaan partners in India sold his startup JobsAhead to Monster in 2004.
We definitely welcome Alok to the ‘brighter side’ of the world!!