Micromax will raise $75 mn to fund consumer internet startups

Micromax the home-grown technology giant has announced that it will issue a $75-million independent fund to be invested in domestic and international consumer internet companies.

The investment is said to have a significant impact on the Indian market.

Commentating on the launch, Micromax Co-founder Rahul Sharma told PTI, "We have tasted a great amount of success with all our investments that we strategically did over the last two years and this progression to announce an independent fund was due to the large opportunities that the market presents. This fund will look at investing in consumer Internet companies across the world that have local relevance." "This will also allow Micromax to further leverage its platform for larger opportunities."

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However, Micromax with its independent fund, "Orbis Capital" aims to raise the said amount in the next 12-18 months. And with the accumulation of the fund, it will be used as an investment in 10-12 startups with a ticket size of $3-5million each.

The popular local handset manufacturer will be acting as the investor and a strategic partner to other startups. Meanwhile, Kumar Shah, who spearheaded Micromax global investment program will be leading Orbis Capital along with his existing team.

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Tracing back the investment history of Micromax, the company has already invested in about 10 startups, including ixigo, Gaana, HealthifyMe and Scandid.