Business, Investments

Microsoft Ventures to Invest USD 250K in Indian startup NowFloats

Microsoft Ventures is planning to invest around USD 250,000 in a Hyderabad-based start-up, NowFloats. The deal is expected to be completed by end-August.

NowFloats was launched in 2012 by ex-Microsoft and ex-Saatchi & Saatchi team. It enables Small and Medium Businesses (SME) to get an online presence by simply using SMS and had 2000 customers within 5 months of product launch. 

The company also focuses to create and maintain a digital presence through a basic text message without using a smartphone. Earlier, it had launched a mobile app used by the users to discover businesses and deals, based on their location.

Earlier, Microsoft Ventures had made investments in 9 companies including Watchup, Zula, Ranku, Sky Giraffe and others. Currently, the firm consists of 21 members in its team. It is also planning to launch a cyber-security-focused program in collaboration with Jerusalem Venture Partners.

Also Read: Microsoft Ventures in India announces its 2014 summer batch

Economic Times says: In an earlier conversation with ET, Mukund Mohan, director, Microsoft Ventures, had said that the accelerator would look to make between three and five investments in early-stage ventures by the end of its financial year ending June 30, 2014.

“Typically, we’ll invest in a company that has some revenue,” Mohan had said.

NowFloats received a first round of funding last August from angel investor network Mumbai Angels and seed-to-early stage venture capital firm Blume Ventures.

Microsoft Ventures, which owns and operates six accelerators across the globe, including Beijing, London, Paris, Tel Aviv and Berlin.

The Next Web says: Everyone has an accelerator nowadays and Microsoft is no different. At its Global Startup Day event in San Francisco today, the company that Windows built put 11 companies on stage to present their company for VCs, journalists and analysts.

General Manager of Microsoft Ventures, Rahul Sood took the stage and talked about mentoring companies from around the world to bring “creativity, engineering and business together.” Of the startups that brought those elements together at the event, Von Bismark, Webyclip and NowFloats are our favorites.

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