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Intel Capital invest $18 Million in Indian Companies
By SiliconIndia | Friday, 13 May 2011, 02:35 Hrs
Bangalore: Intel Capital, Intel's global investment organization, today announced two new investments in Indian companies as part of its ongoing commitment to support technology innovation in India.
Intel Capital announced investment in PolicyBazaar, an online insurance comparison site that assists customers in making informed decisions about their insurance purchase. The investment funds will be used for building brand awareness and further enhancing PolicyBazaar's technology platform and product depth.
Intel Capital also signed an agreement to invest in Sudhir Srivastava Robotic Surgery Centre (SSARSC), a provider of advanced robotic surgery procedures for specialty areas such as cardiac, urology, thoracic, gynaecology, orthopaedics, head and neck and general surgery, subject to satisfaction of customary conditions. This investment marks Intel Capital's first investment in the healthcare sector in India.
In addition to these two new investments, Intel Capital announced follow-on investments in mobile media company July Systems; online travel company Yatra.com; and open-source application development software company WSO2.Intel Capital made a total investment of approximately $18 million. Details of the individual investments were not disclosed.
"Technology has been key to India's unprecedented development over the last few years, and our investments in these companies is proof of our ongoing commitment to nurture technology innovation in India," said Arvind Sodhani, President of Intel Capital and Executive Vice President of Intel. "Our support for these companies will give them access to global resources, knowledge and expertise to assist with their own growth and success."
"The rapid adoption of computing in India is transforming the economy and improving people's lives, and this is just the beginning," said Navin Shenoy, Vice President and General Manager, Intel Asia-Pacific. "These investments underscore the opportunity that computing creates for Indian entrepreneurs to build innovative new businesses."
Funding for the investments announced by Intel Capital comes from the $250 million Intel Capital India Technology Fund established in December 2005. This fund invests in Indian technology companies to stimulate local technology innovation and the continued growth of India's information technology industry.
Intel Capital announced investment in PolicyBazaar, an online insurance comparison site that assists customers in making informed decisions about their insurance purchase. The investment funds will be used for building brand awareness and further enhancing PolicyBazaar's technology platform and product depth.
Intel Capital also signed an agreement to invest in Sudhir Srivastava Robotic Surgery Centre (SSARSC), a provider of advanced robotic surgery procedures for specialty areas such as cardiac, urology, thoracic, gynaecology, orthopaedics, head and neck and general surgery, subject to satisfaction of customary conditions. This investment marks Intel Capital's first investment in the healthcare sector in India.
In addition to these two new investments, Intel Capital announced follow-on investments in mobile media company July Systems; online travel company Yatra.com; and open-source application development software company WSO2.Intel Capital made a total investment of approximately $18 million. Details of the individual investments were not disclosed.
"Technology has been key to India's unprecedented development over the last few years, and our investments in these companies is proof of our ongoing commitment to nurture technology innovation in India," said Arvind Sodhani, President of Intel Capital and Executive Vice President of Intel. "Our support for these companies will give them access to global resources, knowledge and expertise to assist with their own growth and success."
"The rapid adoption of computing in India is transforming the economy and improving people's lives, and this is just the beginning," said Navin Shenoy, Vice President and General Manager, Intel Asia-Pacific. "These investments underscore the opportunity that computing creates for Indian entrepreneurs to build innovative new businesses."
Funding for the investments announced by Intel Capital comes from the $250 million Intel Capital India Technology Fund established in December 2005. This fund invests in Indian technology companies to stimulate local technology innovation and the continued growth of India's information technology industry.
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