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Swipe Telecom to raise $20 mn through PE

BS Reporter  |  Mumbai/ Ahmedabad 

Pune headquartered India Pvt Ltd would be raising $20 million (Rs 110 crore approx) through private equity (PE) route for expansion, branding and innovation of its products which include mainly

"We already have $ 10 million (Rs 55 crore approx) from a strategic investor Mantra Ventures which is based out of Pune. We hope to raise another $20 million through by early next year," siad CEO of Swipe

"We are in talks with two Indian and one US-based firm for the deal," said Gandhi refusing to divulge names of the private players.

According to Gandhi, the entire amount raised through would be utilised for innovation, branding and expansion of the company's business.

The Company also plans to expand outside India by end of January 2013. They plan to enter Ireland and US markets.

Swipe began its operations in India in July this year with rage of catering to the needs of youngsters and professionals. All its products are assembled in China and then imported to Indian market.

The Company on Wednesday launched a first of its kind with dual core processor with price just over Rs 10,000.

It also launched for the first time in India a five inch smartphone with dual SIM with pricing under Rs 10,000.

"We see Gujarat as a critical market for our products. Over strength is in our innovation in products and providing affordable world class technology," Gandhi said while launching the two products in Gujarat.

First Published: Thu, November 29 2012. 00:51 IST