NEW DELHI: Intex Technologies is looking to invest around Rs 60 crore this year in technology software and Internet of Things (IoT) startups with an aim to build an ecosystem for its mobile devices and consumer appliances business.
The company's immediate focus is to hunt for IT-enabled startups in the healthcare and Internet of Things domains. "The idea is to head towards smart appliances and home automation category, having a consumer durable business in India, which is growing for the company," Keshav Bansal, director at Intex Technologies, told ET.
The company had last year launched an up to Rs 200-crore fund to invest in startups with a strategic fit to its business. "We are looking to invest around onethird of the previously announced startup fund... we are in touch with a few startups for new investment... We will soon announce our latest investment," he said, without specifying on the ticket-size for the investments.
The company has already invested in two startups, including sports engagement platform Rooter. The home automation segment is in its nascent stages in India, while the global smart home market is expected to grow at a CAGR of 14.5% between 2017 and 2022, and the market revenue of $24.10 billion in 2016 is expected to grow up to $53.45 billion by 2022, according to a study by Zion Market Research.
Intex is aiming to clock around Rs 4200 crore revenue by the end of this fiscal year through March 2018, roughly 4% lower than a year earlier which saw a 30% on-year slump, as the home bred handset maker tries to offset the effects of intense competition by growing its newer consumer electronics business. The consumer durable business now contributes around 35% towards the overall revenue, and the company is aiming to take this to 50% of overall revenue in coming time.
The company's immediate focus is to hunt for IT-enabled startups in the healthcare and Internet of Things domains. "The idea is to head towards smart appliances and home automation category, having a consumer durable business in India, which is growing for the company," Keshav Bansal, director at Intex Technologies, told ET.
The company had last year launched an up to Rs 200-crore fund to invest in startups with a strategic fit to its business. "We are looking to invest around onethird of the previously announced startup fund... we are in touch with a few startups for new investment... We will soon announce our latest investment," he said, without specifying on the ticket-size for the investments.
The company has already invested in two startups, including sports engagement platform Rooter. The home automation segment is in its nascent stages in India, while the global smart home market is expected to grow at a CAGR of 14.5% between 2017 and 2022, and the market revenue of $24.10 billion in 2016 is expected to grow up to $53.45 billion by 2022, according to a study by Zion Market Research.
Intex is aiming to clock around Rs 4200 crore revenue by the end of this fiscal year through March 2018, roughly 4% lower than a year earlier which saw a 30% on-year slump, as the home bred handset maker tries to offset the effects of intense competition by growing its newer consumer electronics business. The consumer durable business now contributes around 35% towards the overall revenue, and the company is aiming to take this to 50% of overall revenue in coming time.
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