Micromax has announced that it is setting up an independent fund dubbed as Orbis Capital targeting a capital raise of $75 million. The fund will focus on investing in consumer internet companies both locally and internationally.
Kumar Shah, who leads Micromax’s global investment program will lead Orbis Capital along with his existing team. This announcement comes in post Micromax made start-up investments over past 2 years in ixigo, Gaana, HealthifyMe, MiMedia, Scandid, ZaprScandid and others. 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 from Truecaller and Parry Blacher (former co-founder, Covestor).
Rahul Sharma, Co-Founder, Micromax said in a statement,
We have tasted a great amount of success with all our investments that we strategically did over the last 2 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 has created immense value for our existing portfolio companies and this allows us to further leverage our platform for larger opportunities.
Kumar Shah, Head Orbis Capital said in a statement,
Micromax is the first port of call for companies looking to expand in India and the platform has created tremendous value for partners. Our portfolio companies have acquired millions of users through the Micromax platform and attracted follow on funding from top-tier investors. We have proved that this investment strategy can identify and partner with the best companies around the world, and we have an identifiable value-add through Micromax that appeals to world-class entrepreneurs and their investors.”