Delaware-based venture capital firm Battery Ventures has picked 10% stake in credit information company High Mark Credit Information Services for $1 million (Rs 5 crore), VCCircle has learned. The deal values High Mark at around $10 million (Rs 50 crore).

High Mark was founded by individuals Anil Pandya (exec chairman) and Anuj Desai with nominal capital. Battery will be the first significant investor in the start-up firm.  Battery Ventures’ General Partner Mark Sherman who represents the VC firm’s investment in High Mark confirmed that Battery has invested in the Indian company but refused to share details.   High Mark has applied for a license to operate a credit bureau in India which is currently under review by the Reserve Bank of India (RBI).

High Mark Credit has also entered into a partnership with Fair Isaacs to sell credit scoring services in India.

Source:  Mosaic Media Ventures Private Limited

BIIA Newsletter March 2009 Issue