Indian headset maker Micromax has announced that they will invest independent funds of $75 Million which will be focused on both domestic and international consumer internet companies.
The funding will take place in next 12-18 months. Micromax will back as an investor and strategic partner for the funds-Orbis Capitals. The funds will be invested in 10-12 startups, each startup will get around $3-5 Million each. In the last two years, Micromax has already invested in about 10 start-ups, including ixigo, Gaana, HealthifyMe, MiMedia, Zapr and Scandid.
Co-founder of Micromax, Mr. Rahul Sharma told: “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 has local relevance.”
Micromax is the second largest headset manufacturer in India. It will cash out two of their 10 investments portfolio companies by March. This will help Micromax in further to leverage its platform for larger opportunities.
Orbis Capital 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 global investment program will lead Orbis Capital along with his existing team.
The new fund, Orbis Capital, will raise money from private equity firms and pension funds among other investors, both in India and overseas. Read more news.