Press release from Business Wire India
Source: IndiaMART
Wednesday, January 14, 2009 05:42 PM IST (12:12 PM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology, Media & entertainment, Stock exchanges; Technology
Release no: 18960
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IndiaMART.com Funding Reinforces Success of Indian SMEs
New Delhi, Delhi, India, Wednesday, January 14, 2009 -- (Business Wire India) -- -- IndiaMART.com receives funding from Global VC firm, Intel Capital
-- IndiaMART.com plans major expansion and new product launch.
-- Funding will further help IndiaMART.com consolidate its leadership position
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 Corporation'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 Information Technology 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." Dinesh 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.
About IndiaMART.com
IndiaMART.com is India's largest online B2B marketplace connecting global buyers with suppliers through business directories, online product catalogs, buy-sell offers, industry specific marketplaces, printed media and trade shows participation.
Founded in 1996, the company has a presence in over 100 cities pan-India. With approximately 1000 employees, IndiaMART.com offers an extensive range of value-added products and services to over 500,000 members and over 5 million global buyers across industries and verticals.
IndiaMART.com has won numerous awards over the years including Red Herring 100 Asia and Emerging India and the company has been widely covered by media such as CNBC, BBC, BusinessMoney, CNN, Businessworld, Economic Times, Financial Express, etc. For more information, please visit www.indiamart.com/press-section.
About Intel Capital
Intel Capital, Intel's global investment organization makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$7.5 billion in approximately 1,000 companies in 45 countries. Notable exits in India include Rediff, NIIT, Sasken Technlogies, Indiainfoline, Sharekhan and Nipuna. For more information on Intel Capital and its differentiated advantages, please visit www.intelcapital.com.
CONTACT DETAILS
Arun Tyagi, Marketing & PR, IndiaMART.com, +91 (0120) 3911000, 4000600/ +91 9711003832, aruntyagi@indiamart.com
Saranya Rustagi, Public Relations Manager - South Asia, Intel Capital, +91 (022) 67137000/ +91 98338 23474, saranya.rustagi@intel.com
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, MEDIA, STOCK EXCHANGES, TECHNOLOGY
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