Micromax sets up $75 million fund to invest in consumer internet cos
Handset maker Micromax is setting up a $75-million independent fund that will focus on investing in domestic and international consumer internet companies.
In the last two years, Micromax has already invested in about 10 startups, including ixigo, Gaana, HealthifyMe and Scandid.
The fund -- Orbis Capital -- aims to raise $75 million in the next 12-18 months. Backed by Micromax as an investor and strategic partner, the fund will focus on investing in consumer internet companies both locally and internationally.
"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," Micromax co-founder Rahul Sharma told PTI.
This will also allow Micromax to further leverage its platform for larger opportunities, he added.
Orbis Capital is in the process of building an advisory board alongside the investment team and has already brought on board leading entrepreneurs including Nami Zarringhalam (Truecaller co-founder) and Parry Blacher (former co-founder, Covestor).
Kumar Shah, who spearheaded Micromax’s global investment programme will lead Orbis Capital along with his existing team.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
04:26 PM IST