Bangalore, May 29, 2013:
Tandem, Silicon Valley’s largest mobile industry accelerator, today, announced the first step in its global expansion with the opening of an office in Bangalore, India.
The fund seeks to help Indian entrepreneurs create and build mobile companies with a cross-border approach that brings the benefits of the Silicon Valley ecosystem to each opportunity.
The accelerator is already responsible for creating two startups that collectively generated over $100M in revenue by their second year of operations, including Bash Gaming, the world’s leading social bingo service that started with roots in Bangalore, India.
Where other accelerators provide financial backing and occasional access to mentor networks, Tandem takes an entirely unique “muscle capital” approach by becoming deeply immersed in the companies they back, and helping shape each one through a hands-on mix of strategic and operational support and cash investment, with the goal of driving significant growth.
Tandem is now officially setting up its proven “muscle capital” approach in India, with the help of Rohit Bhagat (who previously was Chairman, Asia Pacific at BlackRock, Global COO of Barclays Global Investors and Managing Director of The Boston Consulting Group, India) who joined Tandem last year as a Partner to drive the scale and globalise the footprint of the firm and its portfolio companies.
To further assist in bringing Tandem’s successful model to India, renowned Indian entrepreneurs Ranjan Pai and Mohandas Pai are also joining Tandem as Partners.
Ranjan Pai is a successful entrepreneur who established Manipal Education and Medical Group (MEMG) with a mission to build world-class businesses in Healthcare, Life Sciences, Education and Education Services. He incubated Manipal Global Education Services, a leading global education and education services company headquartered in Bangalore, India, and conceptualised the transformation of Manipal Hospitals into a leading for-profit multi-specialty healthcare chain in India. He also set up Stempeutics to undertake cutting-edge research in stem cell therapies. Ranjan also serves as a Director on the Board of Cipla, a leading listed Indian pharma company.
Mohandas Pai is Chief Advisor to the Manipal Education and Medical Group, and serves on the Board of several Group Companies. Until June 2011, Mohan was a Member of the Board of Directors of Infosys and the Head of Administration, Education & Research, FinacleSM, Human Resources and the Infosys Leadership Institute. He joined Infosys in 1994, where he served as Chief Financial Officer until 2006 and as a Member of the Board from May 2000 onwards. He was a Member of the Kelkar Committee, constituted by the Ministry of Finance, GoI, for reforming direct taxes. He also works with Central and State governments in the fields of education, IT and business.
“There are thousands of promising entrepreneurs in India that need guidance and support,” said Ranjan Pai, head of Manipal Education & Medical Group. “We are thrilled to bring the incredible success Tandem has had building disruptive companies in the US to India.”
