Mitra BiotechMarch 10, 2017
Fresh DeskMarch 10, 2017
Avnish Bajaj is a rare venture capital investor to have successfully built and sold a consumer internet business in India. Online marketplace Baazee, which he cofounded in 2002, was acquired by eBay two years later for $55 million. The Harvard MBA then served as a country manager for eBay India before he established Matrix Partners India in 2006, which manages $700 million across two funds. As an investor, Bajaj was initially not convinced about the scope of the internet market in India and put money in sectors like healthcare. One rare internet investment during this period was in Quikr, which is now valued at $1.4 billion. As online retail in India gained steam, Matrix in 2013 put money in Ola, leading a $15-million round that valued the taxi aggregator at $40-50 million. Ola is now worth $5 billion. Practo, in which Matrix invested at a valuation of around $150 million in February 2015, is now worth more than $500 million. Bajaj’s early healthcare bets have also started paying off. Matrix in December sold its investment in maternity chain Cloudnine Hospitals, earning 7x returns.