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Swipe Telecom Gets Funding From Kalaari Capital [DealCurry (India)](DealCurry (India) Via Acquire Media NewsEdge) Kalaari Capital has invested R30 Cr in California and Pune based Swipe Telecom India Private Limited, for an undisclosed stake. The infusion will be used for product development and expanding market presence. The company had earlier received investment from of $10 Mn from Mantra Ventures in 2012. It was also planning a $20 Mn fund raise through the PE route. Founded by Shripal Gandhi, Aman Gupta and headquartered in Pune, Swipe Telecom has launched a range of tablet PCs in India catering to the needs of youngsters and professionals. It has a range of 23 devices in the tablets and fablets space, including the first 3D Tablet and the first Tablet customized for kids in India, offered within the price range of R4000-15000. Along with customization it is also planning to make pre-loaded tablets for education institutes and banks. The company has strong brand presence in markets such as Rajasthan, Punjab, Chandigarh, Himachal Pradesh and J&K and is among the top two sellers in Mumbai and Gujarat. It has its manufacturing unit in China. The company which clocked revenues worth R100 Cr in 2014 plans to reach R300 Cr by next year and claims to have a market share of 7%. Tablets shipments from India touched 4.14 million units in 2013 according to data from IDC. The market is dominated by Samsung with 18.7% share followed by Micromax with 8.9% market share but smaller manufacturers account for over half the tablets sold in India. Kalaari is a $160 Mn, India-focused fund and a strong backer of e-commerce and technology startups. Recently, it had invested $10Mn in Big data firm Germin8, online jewllery startup Bluestone. Its portfolio includes Magzter, @Simplilearn Private Limited, Urbanladder.com, The Label Corp, Vyome, Zivame, ovenfresh among others. (c) 2014 EagleEye Research & Media Pvt. Ltd. All rights reserved. Provided by Syndigate.info, an Albawaba.com company |