Intel Capital invests $200 million in six Indian firms

September 30th, 2011 - 11:22 pm ICT by IANS  

Bangalore, Sep 30 (IANS) Intel Capital will invest $200 million (Rs.980 crore) in six Indian technology firms to support innovation and entrepreneurship, the global chip maker Friday said.

“As we see tremendous growth for the Indian technology industry, the proposed investment underscores our commitment to support technology innovation in India,” the investment arm of the global firm said in a statement here.

Noting that Indian entrepreneurs were at the forefront of innovation, using technology to change the way one lives and works, the company said the investments would help the six firms to grow their businesses and push into new markets.

The six companies are — Saankhya Labs Ltd, a fabless semiconductor maker; Testing Czars, a global independent test engineering and solutions provider for mobile applications; Financial Inclusion Network and Operations (FINO), a business and banking technology platform provider; What’s on India Ltd, a premier electronic programming guide for television; enStage, an electronic payment solutions and processing provider, and Duron Energy Ltd, a pioneer in affordable solar power products designed for off-grid use in emerging markets.

“Investments in Saankhya, Testing and FINO have been completed. We have signed investment agreements with What’s on India, enStage and Duron,” company’s vice-president Navin Shenoy said.

The company, however, did not disclose investment being made in each of the firms due to non-disclosure agreement clause.

“The computing revolution is just starting in India. As computer ownership rises among Indian households, there is growing demand for online services and content. We are working with our Indian customers to help them meet this demand,” Shenoy said.

Funding for these investments comes from the $250-million Intel Capital India Technology Fund set up in December 2005.

“The funds are invested to stimulate local innovation and the continued growth of India’s information technology industry,” the statement added.

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