NVP India, Reliance Technology Ventures invest in Suvidhaa

NVP India, Reliance Technology Ventures invest in Suvidhaa Suvidhaa Infoserve, today announced receipt of funding from two venture capital firms, Norwest Venture Partners India (NVP India) and Reliance Technology Ventures. Suvidhaa, promoted by Paresh Rajde, will use the new capital to aggressively expand its portfolio of service offerings and enhance business development and marketing efforts, a press release issued here stated. It however, did not mention the amount of funding received. The company, which runs what it calls Services Commerce (S-Commerce), enables customers to walk into their neighbourhood convenience/kirana stores and perform all kinds of everyday services such as railway ticketing, mobile recharge, air ticketing, insurance payment, bill payment, bus ticketing, loan origination, movie ticketing, etc., the release said. Suvidhaa currently powers more than 4,000 local kirana stores across 15 states in over 100 cities with its S-commerce technology and plans to further expand it to 20,000 franchisee outlets across the country by 2009. "We believe that the S-commerce space represents a significant opportunity and are impressed with Suvidhaa's vision to address this space...We believe Suvidhaa is poised for tremendous growth and success in the years to come," NVP India's Managing Director, Niren Shah, said. Reliance Technology Ventures' CEO, Harshal Shah, said that "we believe Suvidhaa, through its electronic distribution platform, provides a one-stop convenience of services to the end-consumer...We will continue to invest in such technology-driven and differentiated business models that strive to deliver maximum benefit to end consumers."