Micromax to shift production from China, make all its phones in India

Micromax Informatics Ltd - the Indian manufacturer has announced to raise their production investment fund into 75 billion dollars.

This fund will focus on investing in Internet service providers for customers both local and international. This gesture will attract investment for at least 10 start-ups such as ixigo, Gaana, HealthifyMe and Scandid.

“We have tasted a great amount of success with all our investments that we strategically did over the last two years and this progression to announce an independent fund was due to the large opportunities that the market presents.

“This fund will look at investing in consumer Internet companies across the world that have local relevance,” Micromax co-founder Rahul Sharma told PTI. This will also allow Micromax to further leverage its platform for larger opportunities, he added.

Orbis Capital is in the process of building an advisory board alongside the investment team and has already brought on board leading entrepreneurs including Nami Zarringhalam (Truecaller co-founder) and Parry Blacher (former co-founder, Covestor). Kumar Shah, who spearheaded Micromax global investment programme will lead Orbis Capital along with his existing team.

In the last two years, Micromax has already invested in about 10 start-ups, including ixigo, Gaana, HealthifyMe and Scandid.