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Olive Telecom to raise funding from PE investors

  • Anita Davis
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Indian mobile handset and netbook manufacturer Olive Telecom has reportedly turned to private equity investors to raise capital for a large-scale expansion push.

Olive Telecom, which launched in 2006 as relatively new entrant into the sector, has not disclosed the amount it is seeking. However, Arun Khanna, Chairman of Olive Telecommunications, did note to local media that the company looks to invest INR100 crore ($21.5 million) "each on brand-building and research and development in the next 18 months." To date, the company has invested INR30 crore ($6.5 million) in brand building.

"We are going to dilute minority stake. We do not want to sell equity cheap and do not plan to sell majority stake," he further added.

Olive Telecom recently reported turnover of INR550 crore ($118.3 million) in its 2009-10 fiscal year. According to its website, the company has a presence in 23 countries and a relationship with 28 worldwide carriers. Since its 2006 launch, it has further sold more than 20 million devices.

 

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