India's Intex launches VC fund, backs local mobile player

Financial details of the fund and the investment have not been disclosed, though Intex director Keshav Bansal told The Times of India the vehicle is aiming for a corpus of at least INR1.5 billion ($23 million). Intex will take stakes of 10-25% in each investee company, with ticket sizes of INR100-150 million.

In a statement the company said its new investment arm is intended to create new global opportunities for the brand through supporting start-ups in fields that strategically complement its primary business, such as electronics, software, sports and mobile entertainment.

Rooter, for instance, is a digital platform focused on sporting events that allows audience members to interact with each other in real time. The company will use Intex’s investment to strengthen its technology, sales, and marketing teams, accelerate development of local-language apps, and support its expansion into Southeast Asia.

“Being a consumer-facing company, Intex has thrived on sports to fulfill marketing goals and enhance consumer connect,” said Bansal. “By funding start-up ventures like Rooter, we want to take Intex to the next level where it connects with a global audience.”

Intex’s venture strategy echoes that of fellow handset maker Micromax, which in February announced an independent fund, Orbis Capital, that will invest in consumer internet companies worldwide. Micromax has also invested in Indian start-ups such as digital payments developer TranServ and health and fitness app developer HealthifyMe.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Media
• Technology
• Early-stage
• Venture
• Fundraising
• GPs
• India
• TMT