Intel invests $23 Million in three Indian firms
Date: Sunday , February 01, 2009
Chipmaker Intel has made $23 million investment in three Indian companies— One97 Communications, IndiaMART.com, and Global Talent Track through its global investment arm Intel Capital. The 2005 founded $250-million Intel Capital India Technology Fund’s investment comes in, as Intel’s revenues are shrinking. Intel Capital has already utilized $125 million so far and has similar funds of $500 million and $50 million for China and Brazil.
Though individual investment amounts were not disclosed, sources say that more than half of the $23 million investment has gone to One97 Communications, followed by IndiaMART and Global Talent Track.
The 2000 founded One97 communication, an integrated – voice, data and IN based – telecom VAS player was scouting for second round of funding to scale up its operations and increase sales. Uma Ganesh founder of Global Talent Track aims to utilize the fund for rolling out vocational education services in India and abroad. Dinesh Agarwal founder of IndiaMART, an online business-to-business (B2B) marketplace, is also keen on utilizing the funds to grow market share by launching marketing initiatives, expanding service offerings, extending reach into new markets and geographies, and evaluating potential strategic opportunities.
Earlier, Intel had announced a $17 million investment in three Indian companies including online travel agency Yatra.com. Moreover, the firm has also invested in ItzCash, a cash payment system, technology training and solutions provider NIIT, and telecom infrastructure manufacturer Tejas Networks amongst other companies. Last year, Intel Capital invested about $50 million in 9 companies in India. That amounted to 8.5 percent of total funds committed globally, excluding a $1 billion investment in Clearwire Corp. (Symbol:CLWR), an Internet provider specializing in a new type of wireless broadband technology called WiMax.