Micromax to raise $75 mn to fund consumer internet cos

The Dollar Business Bureau

Indian mobile phones manufacturer Micromax is planning to create an independent fund of $75 million that will be focussed on investing in local and foreign consumer internet firms.

In the past two years, the handset maker has already done investment in around 10 startups that include ixigo, HealthifyMe, Gaana and Scandid.

The fund, Orbis Capital, is aimed to raise around $75 million in the coming 12-18 months. Supported by Micromax as investor and strategic partner, the fund will be focussed on investing in consumer internet firms both domestic and international.

“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,” said Rahul Sharma, Co-founder, Micromax.

It will also help the company to leverage further its platform for bigger opportunities, he added.

Orbis Capital is in the course of establishing an advisory board together with the investment team. It has already brought on its board leading entrepreneurs such as Truecaller co-founder Nami Zarringhalam and Covestor’s former co-founder Parry Blacher.

Kumar Shah, who led the global investment programme of Micromax, will head the Orbis Capital along with his current team.