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Follow on Google News | IndiaMART.com Funding Reinforces Success of Indian SMEsIndiaMART.com receives funding from Global VC firm, Intel Capital and has plans for major expansion and new product launch. Funding will further help IndiaMART.com consolidate its leadership position.
By: Arun Tyagi Intel Capital, Intel Corporation's global investment organization, today announced its intention to invest US$23 million in three Indian companies. The funding will come from the $250 million Intel Capital India Technology fund, established in December 2005. This fund invests in Indian technology companies to help stimulate local technological innovation and the continued growth of India's Information Technology industry. According to Dinesh Agarwal, Founder & CEO, IndiaMART.com, the company plans to grow its market share by launching marketing initiatives, expanding service offerings, extending reach into new markets and geographies, and evaluating potential strategic opportunities. “It is a defining moment for IndiaMART.com and its team as the investment has re-strengthened the confidence that the world poses in our business model.” Dinesh further added. “This year marks ten years of successful Intel Capital investments in India, underlining our commitment to invest in the country for the long term,” said Sudheer Kuppam, Intel Capital managing director for India, Japan, Australia and South-East Asia. “Our investment in IndiaMART.com is driven by its successful business model that connects millions of small and medium enterprises (SMEs) and the opportunity it offers in future. IndiaMART.com’ This investment would certainly raise the morale of Indian SMEs as IndiaMART.com is not only considered as an SME platform but also as a messiah for taking business global. About IndiaMART.com IndiaMART.com is India's largest online B2B marketplace connecting global buyers with suppliers through business directories, online product catalogs, buy-sell offers, industry specific marketplaces, printed media and trade shows participation. Founded in 1996, the company has a presence in over 100 cities pan-India. With approximately 1000 employees, IndiaMART.com offers an extensive range of value-added products and services to over 500,000 members and over 5 million global buyers across industries and verticals. IndiaMART.com has won numerous awards over the years including Red Herring 100 Asia and Emerging India and the company has been widely covered by media such as CNBC, BBC, BusinessMoney, CNN, Businessworld, Economic Times, Financial Express, etc. For more information, please visit www.indiamart.com/ About Intel Capital Intel Capital, Intel's global investment organization makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$7.5 billion in approximately 1,000 companies in 45 countries. Notable exits in India include Rediff, NIIT, Sasken Technlogies, Indiainfoline, Sharekhan and Nipuna. For more information on Intel Capital and its differentiated advantages, please visit www.intelcapital.com. For further information, please contact: IndiaMART.com Arun Tyagi Marketing & PR Mobile: +91-9711003832 Telephone: +91-120–3911000, 4000600 Email: aruntyagi@indiamart.com Intel Capital Saranya Rustagi Public Relations Manager – South Asia Mobile: +91-98338 23474 Telephone: +91-22-67137000 Email: saranya.rustagi@ End
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