Earlier this year Micromax announced a $100 million fund to invest in consumer Internet companies relevant to the Indian market. While Xiaomi has been in talks last year with its $25 million investment in Hungama, the media streaming app, Intex joins the startup eco-system to help budding entrepreneurs.
Delhi-based Intex Technologies has announced a ₹150-200 crores fund for startups that fit the company’s strategic expansion plans. Whether it be an early-stage startup or a well-backed startup, Intex will look upon investments to strengthen the footprint.
The first investment from the smartphone and electronics giant has gone into Rooter, a startup creating a mobile app to enable sports fans to interact live with each other during a match. Intex Technologies owns Gujarat Lions IPL team has reported revenue of ₹6,213 crores for 2015-16.
And the company plans to invest from its balance sheet primarily in businesses with which it has synergy, such as electronics, apps, mobile phones, human resources and sports.
“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 10-15 crore,” said Keshav Bansal, director, Intex Technologies to TOI.
Xiaomi also has said about its plans to invest $100 million in venture-backed Indian startups in hardware and software technologies.