Delhi-based Intex Technology Pvt Ltd has decided to make an investment of $30 Million in Indian based startups with a strategic fit. Earlier, other technology manufacturers like Xiaomi and Micromax have also announced their investment in startups.
Intex Technologies, founded in 1996, is an Indian smartphone, consumer durables and IT accessories manufacturer company. Intex is headquartered in New Delhi, India. Intex manufactures subpar quality smartphones, IT accessories and consumer electronics durables. Intex Technologies which owns Gujarat Lions, an IPL team reported the total revenue from Rs 6,213 Crore in 2015-2016.
Keshav Bansal, Director, Intex Technologies said: “Investments in early-stage startups are part of our larger plan to diversify into other businesses such as sports, healthcare and internet of things. Equity stakes in startups may range from 10-15% to 25% while ticket sizes may range from Rs 10-15 crore.”
The first investment from Intex is an undisclosed amount of funding in a mobile application startup Rooters. The startup application creates a social gaming platform that connects sports fans around the world through a live match prediction game. They claim to have over 50,000 downloads till date and aims to cross a million by end of 2017.
Other Indian technology manufacturer company, Micromax have also announced the investment of Rs.100 Crore for startup which is completely based on consumer internet firms.
Chinese Manufacturer Xiaomi has also sanctioned a whopping amount of $100 Million to invest in startups. The rumours are that the Chinese manufacturer is in talks with venture-backed Indian startups from hardware and software technologies. Previously, in April 2016 the Chinese technology company had made its first investment in India, leading a $25-million (Rs 170 crore) funding round into Hungama Digital Media Entertainment. Read more about Indian Startup Ecosystem.