Intel invests $17 mn in yatra.com, 2 other Indian cosJuly 24th, 2008 - 8:02 pm ICT by IANS
New Delhi, July 24 (IANS) Computer processor major Intel Corporation’s global investment arm Intel Capital has invested $17 million in the equity of three Indian companies. As part of its $250 million Intel Capital India Technology Fund - started in 2005 - the company has invested in the online travel portal yatra.com, an events oriented social networking site BuzzInTown.com, and in Emnet Samsara, a company which advertises in mass transit vehicles using innovative technology.
Intel did not disclose the split up of the capital invested in these individual companies.
“Usually we at Intel do not disclose the split up of the amount we invest in every company,” Arvind Sodhani, executive vice-president of Intel Corporation and also the president of Intel Capital said Thursday.
Dhruv Shringi, the founder and CEO of yatra.com, said that partnering with Intel gives his company a lot more than just money.
“We are very selective about the kind of investors we choose. Technological and strategic support which Intel can give us apart from the capital is the driver behind us partnering with them,” he said.
Anil Dhirubhai Ambani Group (ADAG) and TV 18 are some of the investors in Yatra.com.
Intel Capital, which was started in 1991 by the chip maker, has invested $7.5 billion in more than 1000 companies in 45 countries since inception.
“Intel Capital makes strategic investment to encourage innovators and entrepreneurs throughout the world. We seek to bring the resources and relationships of Intel Corporation for the benefit of technology companies including our competition,” Sodhani said.
“We, however, seek to get financial gains from the companies’ profits for the risk we take,” he added.
The company invested $639 million in the last fiscal out of which $554 million was in the form of fresh investment. Some 63 percent of the investments in 2007 were outside North America and the portfolio had a footprint in 40 countries in that fiscal.
The private equity (PE) firm has been investing in India since 1998 while the specialized fund was only set up in December 2005.
“India is a growing dynamic country, we have been very excited about this country and have invested in more than 50 companies spanning eight cities,” Sudheer Kumar Kuppam, managing director of Intel Capital for the India, Japan, Australia, New Zealand and South East Asia region said.
In India, Intel has invested in ItzCash - a cash payment system similar to Paypal, the technology training and solutions provider NIIT and Tejas Networks - a telecom infrastructure manufacturer - amongst other companies.
The company has invested about $125 million in India from its fund.
The PE Company, which utilises capital directly from the balance sheet of its parent company has globally invested in companies like Cnet, Research In Motion (RIM)- the makers of blackberry, software developer Red Hat, and silicon chipmaker Braodcom Corporation.
“We were the first investor in RIM and believed in the technology, Broadcom is one of our competitors but we believe in their vision and therefore have extended our support to them,” Sodhani said.
The company has similar funds of $500 million and $50 million for China and Brazil respectively.
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