Bangalore, February 09 2015 : AngelPrime, a seed-stage Venture Capital Fund based in Bangalore, today announced that former Google and MakeMyTrip (Nasdaq:MMYT) executive Amit Somani, has joined the fund as a Partner. Somani joins the AngelPrime team - Shripati Acharya, Sanjay Swamy and Bala Parthasarathy - in expanding the vision of AngelPrime’s hands-on and active-involvement investment philosophy.
Shripati Acharya, managing partner, AngelPrime commented, “Amit Somani is one of the best product minds in India”. AngelPrime’s model is built on deep understanding, involvement and value added investment – and with Amit joining our team, we now can bring even stronger operating expertise to evaluate investments and subsequently help our companies significantly”.
The widespread adoption of smartphones and mobile internet has dramatically increased the opportunity for global technology startups in India, both for B2B and B2C opportunities. However, as the Indian IT makes the transition from a services mindset to a product mindset, high quality product talent is lacking in India. Also, evaluating early stage disruptive startups requires deep product and technology expertise.
“Amit Somani made a material contribution to MakeMyTrip from a strategy, growth and execution point of view through, and beyond our IPO. He continues to play an active advisory board role with us”, said Deep Kalra, founder & group CEO of MakeMyTrip.
“I congratulate him on taking the logical next step in helping groom young companies and wish him and the AngelPrime team the very best”
“I have been very active with the startup ecosystem in India and helped dozens of startups over many years. The AngelPrime approach of not just investing but working closely with entrepreneurs at the formative stages of their companies is something I am very excited about”, said Amit Somani. “With AngelPrime, I’m now looking forward to bringing my global experience to bear as we help build several great companies in India”.
Amit Somani brings over 20 years’ of experience in technology and internet industries and is also deeply engaged with the early stage ecosystem in India. In his previous role as the Chief Products Officer for MakeMyTrip, Amit led the entire online product portfolio. He was a part of the leadership team that took the company public on NASDAQ in 2010. Amit has also been the head of various teams focusing on search, mobile and advertisement products at Google. One of his products (the search-based keyword tool) won the Google founder's award. Prior to his role at Google, Amit was the Director for the Enterprise Search and Discovery business at IBM San Jose, California.
Amit holds a B.S Computer Science (gold medalist) from Indian Institute of Technology Varanasi and a Masters in Computer Science from the University of Wisconsin, Madison. He has published several papers and holds seven US patents.