Micromax the Indian smart phone to consumer electronics maker 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.
“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.