Mumbai: A unit of financial services company Reliance Capital Ltd has invested an undisclosed sum in U.S.based Pelago Inc, which runs social networking portal Whrrl.
Reliance Technology Ventures Ltd, a wholly owned subsidiary of Reliance Capital, confirmed taht it had earlier made similar investment in Yatra.com, India’s largest online travel portal.
Pelago was founded in 2006 by former employees of Amazon.com and got funding from Kliner Perkins Caufield & Byers, Trilogy Equity Partners and Bezos Expeditions, its Web site showed.
Shares of Anil Ambani controlled Reliance Capital have a market value of $7.4 billion, were up 1.2 % at Rs1,293 in a firm Mumbai market. The stock has lost half its value in 2008, compared with a 19% decline in the main BSE index