Pune-based tablet and phablet (smartphones with large displays) maker Swipe Telecom has raised $4.9 million (Rs 30 crore) in venture capital funding from Kalaari Capital. The funds will be deployed in expanding the company's reach in the Indian market.
"With this round of funding, Swipe is targeting a 12 per cent market share in the rapidly growing tablet PC industry in the country," said Aman Gupta, co-founder and CFO, Swipe.
"We have been growing at over 300 per cent in the last year. We want to be able to continue to lead in making available cutting-edge technology that is highly customised for the Indian consumers, at attractive price points," added Shripal Gandhi, founder and CEO, Swipe.
Arbit Associate acted as the finance advisor for Swipe for this transaction.
Founded by the duo of Gandhi and Gupta, the company claimed to have touched revenues of Rs 100 crore in fiscal 2014. It is now targeting Rs 300 crore in revenues next year. The company has launched 23 devices to date, and claims to be the first firm in India to launch a 3D tablet, as well as a tablet customised for kids. It has 11 patents in nanotechnology and offers products in the Rs 3,999 to Rs 14,999 price range.
The company further claims to have emerged as the leading tablet brand in Rajasthan, Punjab, Chandigarh, Himachal Pradesh and J&K and among the top two sellers in Mumbai and Gujarat.
Speaking about the investment, Rajesh Raju, MD, Kalaari Capital, said, "The team has a great DNA of identifying cutting-edge technology and marrying this with unique, local consumer requirements that will enable rapid proliferation and use of mobility products and services in India."
Mobility (platform and services) is a core investment theme of Kalaari Capital, a $160 million VC fund and early stage investor. Its portfolio companies include Magzter, Apalya, Robosoft and AppsDaily. Last month, the fund invested $3M in Mumbai-based Big Data analytics startup Germin8. Prior to that, BlueStone, an online jewellery store run by Bangalore-based Jewels Online Distribution India Pvt Ltd, had secured $10 million led by Kalaari Capital with participation from existing investors Accel Partners and Saama Capital.
(Edited by Joby Puthuparampil Johnson)