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RTVL, however, did not disclose the amount invested in the US company. RTVL is the corporate venture capital arm of the Reliance ADA Group and a wholly-owned subsidiary of Reliance Capital.
RTVL's CEO, Harshal Shah, said in a statement issued that "Pelago offers consumers and advertisers a unique proposition by combining local search and discovery with an underlying social networking flavour. While it offers consumers to discover, rate and review places and events, Pelago also enables advertisers to get better ROI (return on investment) through its highly precise location-based advertising platform."
Pelago offers a new break-through mobile and web-based service under the brand name `Whrrl'. The service catalogues peoples' activities, chronicling an individual's history of places visited and events attended through icons pinpointed on Whrrl's built-in mapping application.
Whrrl-users and their friends can then rate, review and comment on these places and events, the statement said. The Whrrl service is currently available nationally in the US with a database of millions of interesting businesses and events.
Pelago's CEO, Jeff Holden, said that "Whrrl allows you to discover the world through the eyes of your friends and other people you trust. In this way, it makes a person's social network valuable in a completely new way."