The company announced an independent fund ‘Orbis Capital’ targeting a capital raise of $75 million and will focus on investing in consumer internet companies both locally and internationally, Micromax said.
This announcement comes in post Micromax made 10 notable start-up investments over past 2 years— including ixigo, Gaana, HealthifyMe, Scandid to name a few.
The company sees great opportunity in the market, said Rahul Sharma, co-founder, Micromax.
“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,” Sharma said.
Micromax started its strategic investment program in 2014 and partnered with various companies such as ixigo, Gaana, MiMedia, Scandid, Zapr and HealthifyMe to name a few.