Chipmaker giant Intel has launched a $250 million (€212 million) venture capital fund geared toward investing in India’s information technology industry.
The new Intel Capital India Technology Fund “will help Indian companies drive technology adoption locally and identify new business opportunities globally,” said Craig Barrett, Intel’s chairman, in a company statement.
The new fund will initially focus on investments in mobile communications, broadband applications and wireless technologies, as well as other technology-oriented service companies with exposure to international markets.
Intel Capital, Intel’s venture investment programme, focuses on making minority equity investments to grow the internet economy in support of Intel’s strategic interest. Intel Capital has invested more than $4 billion in approximately 1,000 companies in more than 30 countries since 1991.
Since making its first strategic investment in India in 1998, Intel Capital has backed over 40 companies spread across seven cities. A number of Intel Capital’s investments in India have been realized through public offerings or acquisitions, including online portal India Infoline.com Ltd and telecommunications company Sasken Communication Technologies Ltd, both of which listed on India’s stock exchange this year. In 2004, Intel Capital also sold its holdings in communications design and software services company Deccanet Designs and telecommunications company FutureSoft.
Last year, Intel Capital invested more than $130 million in about 110 deals with approximately 40 percent of its investments made outside the US, according to the statement.