Funding Update: Intel Capital Pours In 23 Million $ In 3 Startups
Yes there is a melt down, yes its a challenging time, but if you have a great product or a service and a strong business model there is nothing that will stop a VC from investing in your company. Intel Capital certainly believes in that. On their tenth anniversary (This year marks ten years of Intel Capital investments in India) Intel is investing US$23 Million in three Indian Companies – One97 Communications, Global Talent Track (GTT) and IndiaMART. Individual investment amounts were not disclosed. The funding will come from the $250 million Intel Capital India Technology Fund, established in December 2005.
One97 Communications Pvt. Ltd. is a private independent provider of telecom managed value added services (VAS) in India, covering the entire telecom VAS value chain – carriers, consumer and enterprise. One97 Communications will use Intel Capital funds to scale up its operations and increase sales and marketing in India and abroad. IndiaMART.com which is an online B2B marketplace will use the investment to grow market share by launching marketing initiatives, expanding service offerings, extending reach into new markets and geographies, and evaluating potential strategic opportunities. Global Talent Track (GTT) addresses the current gap in the demand and supply of trained manpower, providing a range of short and long term courses in a number of vocational fields. GTT will use the dough to start rolling out vocational education services in India and abroad.
It will be interesting to see how GTT will perform in this difficult times when companies have cut back on their hiring new employs. Nevertheless investments in this three technology companies comes some what as a relief for the Indian tech sector after the Satyam scam.
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