Swipe targets Rs 300 crore revenue in 2013-14

Company forayed into the Southern region with the launch of eight new tablet devices

After consolidating its presence in the northern parts of the country, mobile technology start-up Swipe Telecom is eyeing to garner Rs 300 crore revenue during the current financial year following its foray in the southern region, a top company official said.

The company, which has a strong presence in several northern states today forayed into the Southern region with the launch of eight new tablet devices.

"We are close to 12 year old brand in India. We have strong presence in Punjab, Himachal Pradesh, Rajasthan, Gujarat. Now we want to replicate that (in South India)", Swipe Founder-CEO Shripal Gandhi told reporters here today.

The company as part of foraying in Southern region, launched eight new tablets in the price range from Rs 4,199 to Rs 14,999 targeting larger pie in the tablet market.

"We are growing 300%. Last year our revenues were Rs 100 crore. This year we are looking at Rs 300 crore (revenue)..", he said.

Swipe has partnered with city-based mobile phone retailer Univercell for launching the tablets which would be available across 450 outlets across country.

On the private equity funding of Rs 30 crore received from Kalari Capital, Gandhi said it was the first trench and the fund would be utilised for the expansion plans.

"This (funding) is going to fuel our growth in the next one year or so. The deal is in tranches. The first deal is USD 5 million. We will announce the second tranch later", he said.

According to Univercell, Vice-President (Marketing), Sowmya Menon, the tablets between the price range of Rs 5,000 to Rs 10,000 and Rs 15,000 to Rs 20,000 were "propelling" the tablet growth in the country.