<article>Indian mobile phone manufacturer <a style="color: #000080;" href="http://dealstreetasia.com/tag/micromax" target="_blank">Micromax</a> is setting up an independent investment fund with a targeted corpus of up to $100 million.</article>

Indian mobile phone manufacturer <a style="color: #000080;" href="http://dealstreetasia.com/tag/micromax" target="_blank">Micromax</a> is setting up an independent investment fund with a targeted corpus of up to $100 million.
According to<a style="color: #000080;" href="http://dealstreetasia.com/tag/http://telecom.economictimes.indiatimes.com/news/micromax-to-set-up-100-million-fund-to-invest-in-startups/56979885" target="_blank"> a report</a> in The Economic Times quoting Micromax co-founder Rahul Sharma, the company is looking to invest in consumer Internet companies across the world that have relevance to the Indian market.
While Micromax will be the anchor investor in the independent fund named Orbis Capital, it will also raise funds from private equity firms, pension funds among other investors, both in India and overseas.
The new fund will look to invest in 10-12 startups with a ticket size of $3-5 million each.
Micromax started its strategic investment programme in 2014 and its portfolio includes <a style="color: #000080;" href="http://dealstreetasia.com/tag/ixigo" target="_blank">ixigo</a>, <a style="color: #000080;" href="http://dealstreetasia.com/tag/gaana" target="_blank">Gaana</a>, <a style="color: #000080;" href="http://dealstreetasia.com/tag/mimedia" target="_blank">MiMedia</a>, <a style="color: #000080;" href="http://dealstreetasia.com/tag/scandid" target="_blank">Scandid</a>, Zapr, <a style="color: #000080;" href="http://dealstreetasia.com/tag/transerv" target="_blank">TranServ</a> and <a style="color: #000080;" href="http://dealstreetasia.com/tag/healthifyme" target="_blank">HealthifyMe</a>, among others.
“Our investments into the 10 companies that were made from the first fund have been very successful, the IRR (rate of return) has been in triple digits, which is why we want to expand the horizon,” said Sharma told the news paper.
The Gurgaon-based firm has already identified some potential deals that are likely to fructify in the next 18 months. “The first investment could well be in the next six months, but it depends on the fund raising”.
The new fund will have an advisory board for which Micromax has started identifying key people.
“We are looking for entrepreneurs who have built successful businesses in emerging markets, so Nami Zarrighalam, CEO and co-founder of Truecaller and fintech specialist and founder Perry Blacher will be one of the advisors to the fund, besides Micromax,” said Kumar Shah, head of merger and acquisitions in the phone company.
Micromax is also close to exiting from two of its investments by March, said Sharma.
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Indian mobile phone manufacturer Micromax is setting up an independent investment fund with a targeted corpus of up to $100 million.

India: Smartphone maker Micromax to float $100m investment fund

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India: Smartphone maker Micromax to float $100m investment fund

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