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NEW DELHI, INDIA: IndiaMART.com receives funding from Global VC firm, Intel Capital.
As a perfect example of success of Indian SMEs in these turbulent times, IndiaMART.com, India's leading online B2B marketplace receives funding from world's leading Venture Capital firm, Intel Capital. The company which connects Indian suppliers with domestic and international buyers through Internet, Print Media and Trade Shows Participation, is planning to further consolidate its leadership position in the market.
Intel Capital, Intel'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 IT 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." he 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's management focus on B2B and its uninterrupted profitable growth since inception also impressed us," Kuppam concluded.
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.
