Micromax To Create $75 Million Investment Fund

Micromax, arguably the biggest among Indian mobile phone companies, is planning to set up an investment fund of $75 million to invest in internet startups. The company will invest in local as well as global startups.

Named Orbis Capital, the investment fund has already taken on board Truecaller founder Nami Zarringhalam and Covester co-founder Parry Blacher as its advisors. The investment fund will be headed by Kumar Shah who earlier used to head the phone firm’s global investment program.

“Micromax is the first port of call for companies looking to expand in India and the platform has created tremendous value for partners. Our portfolio companies have acquired millions of users through the Micromax platform and attracted follow on funding from top-tier investors. We have proved that this investment strategy can identify and partner with the best companies around the world, and we have an identifiable value-add through Micromax that appeals to world-class entrepreneurs and their investors,” said Shah.

This is not Micromax’s first entry into the field of investments. The company has already made investments in 10 startups including ixigo, Scandid, Gaana and HealthifyMe.

“We have tasted a great amount of success with all our investments that we strategically did over the last 2 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 have local relevance. Micromax has created immense value for our existing portfolio companies and this allows us to further leverage our platform for larger opportunities,” said Micromax Co-Founder Rahul Sharma.

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