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Archana Venkat

Chennai, July 22 Canaan Partners, a global early stage venture capital investor in technology companies, is likely to announce about five more investments this fiscal in the Internet, mobile and BPO services space, each ranging between $2 million and $5 million. “The first of them is likely to be announced next month,” Mr Alok Mittal, Executive Director-India, Canaan Partners, told Business Line on the sidelines of ‘Proto.in’, a two-day event involving technology start ups, potential investors and partners.

The VC has previously invested in e4e and Aztec Software. Although the investor usually exits an investment in about six years, it would stay longer with these two companies.

“Both companies are doing well and we have not thought of exit plans. We feel there is still time for us to stay invested though exit options are available,” Mr Mittal said.

He did not mention how much stake Canaan Partners held in the two companies, but said it was indirectly invested in Aztec Software, 40 per cent of whose equity was held by e4e.

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