ICP Invests $230 Million in India
The money will be disbursed to One97 Communications, IndiaMART.com, and Global Talent Track, the funding for which will come from the $250 million Intel Capital India Technology Fund, established in December 2005
One97 Communications, India’s telecom application platform company has secured second round of funding from Intel Capital and SVB. The company will enhance its R&D / technology operations in next generation wireless networks. With a projected workforce of around 1,000 by end of the current calendar year, One97 targets $100 million year by 2010, according to a statement.
This is the second round of funding for One97 and Avendus Capital was the exclusive financial advisor for the transaction. The company had earlier received funding from SAIF Partners & SVB in 2007.
Besides One97, two other companies — IndiaMART.com and Global Talent Track, were the recipients of the Intel Capital Fund. Intel today announced an investment of $23 million in these companies.
IndiaMART.com, is one the B2B marketplace connecting Indian suppliers with domestic and international buyers. Global Talent Track (GTT), a vocational educational institute; investment co-led by Helion Venture Partners.
The press release did not disclose individual investment amounts. The funding will come from the $250 million Intel Capital India Technology Fund, established in December 2005. This fund invests in Indian technology companies to help stimulate local technological innovation and the continued growth of India’s information technology industry.
"These investments demonstrate Intel Capital’s unwavering commitment to investing in technology innovation globally," said Arvind Sodhani, president of Intel Capital and executive vice-president of Intel. "This year also marks ten years of successful Intel Capital investments in India, underlining our long-term focus on this important emerging market."
"Since 1998, Intel Capital has invested in approximately 60 Indian companies across 10 cities, showing the importance we place on fostering entrepreneurship and technology innovation in the country" said Sudheer Kuppam, Intel Capital managing director for India, Japan, Australasia and South-East Asia.
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