The Delhi-based smartphone maker is looking to invest in startups that it has a synergy with

Intex Technologies launches startup fund as a part of larger strategy to diversify business
Atom Technology Tuesday, March 28, 2017 - 11:01

After phone-makers like Mircomax and Xiaomi announced plans to back early stage startups, homegrown Intex Technologies, too, has launched a Rs 150-200 crore fund to invest in startups which have a strategic fit.

According to a report in the Economic Times, Intex has already made its first investment. This has gone into Rooter, an app that lets sports fans interact with each other during a game.

The mobile phone maker reported revenues of Rs 6,213 core in FY16. According to ET, it plans to primarily invest in businesses with which it has synergy. This would include businesses in the areas of electronics, apps, mobile phones, human resources and sports.

Keshav Bansal, director of Intex technologies told ET that the startup fund is a part of its larger plan to diversify into other businesses such as sports, healthcare and IoT. “Equity stakes in startups may range from 10-15% to 25% while ticket sizes may range from Rs10-15 crore," he added.

Intex has been manufacturing and selling budget smartphones in the Indian market. Its focus has been on sub-10,000-rupee phones. Most recently, it launched the Aqua range of smartphones starting at around Rs 4,000

Recently, another homegrown mobile phone maker Micromax announced a $100 million fund called Orbis Capital, targeting around 1012 investments with a ticket size of Rs 20-33 crore.

Chinese phone-maker Xiaomi, too, expressed interest in investing in more startups this year. With a focus on startups in hardware and software technologies, the company, too, announced plans to invest $100 million in venture-backed startups.

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