Gurugram based domestic smartphone maker Micromax has not been in best of its form from last one year. Chinese smartphone companies have taken over a large chunk of its consumer base in recent times. Company’s flagship series Canvas is on a halt from quite some time now.
The home-grown technology giant recently grabbed headlines again for some different reason.Micromax is building an independent fund- Orbis Capital , which aims at generating an investment of $75million for consumer Internet companies across the globe. The investment is also said to have significance on Indian market.
The accumulation of the fund is for further investment in 10-12 startups with a ticket size of $3-5million each. The Indian-incubated smartphone maker will also withdraw its investment from two of its 10 investment portfolio companies by March 2017.
“This fund will look at investing in consumer Internet companies across the world that have local relevance,”Rahul Sharma (Micromax co-founder) told PTI. “This will also allow Micromax to further leverage its platform for larger opportunities,” he added.
Micromax Informatics, which was founded in March 2000 had expanded into consumer durables segment, and then later in 2014 had started its investment programme in 2014. The companies which fall under the company’s investment portfolio- ixigo, MiMedia, Scandid, Zapr and HealthifyMe, Gaana.com (a music app which is a part of the Bennett, Coleman & Co, the publishers of this newspaper)
The home-grown technology giant recently grabbed headlines again for some different reason.
The accumulation of the fund is for further investment in 10-12 startups with a ticket size of $3-5million each. The Indian-incubated smartphone maker will also withdraw its investment from two of its 10 investment portfolio companies by March 2017.
“This fund will look at investing in consumer Internet companies across the world that have local relevance,”
Micromax Informatics, which was founded in March 2000 had expanded into consumer durables segment, and then later in 2014 had started its investment programme in 2014. The companies which fall under the company’s investment portfolio- ixigo, MiMedia, Scandid, Zapr and HealthifyMe, Gaana.com (a music app which is a part of the Bennett, Coleman & Co, the publishers of this newspaper)
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