 "Micromax to invest $400 mn to pick up stake in 20 start-ups")
The Gurgaon-based firm is looking at picking up stake in as many as 20 companies this year across the globe. It has already picked up minority stake in Bengaluru-based health and fitness company 'HealthifyMe'.
"Going ahead, we will invest in not less than 20 start-ups, where we see synergies. We are looking at building an ecosystem of connected devices and offer customised experience to users," Micromax co-founder Rahul Sharma said. He added these investments will range from $0.5-20 million, depending on the size and maturity of the target company. However, he declined to comment on financial details of the deal with HealthifyMe. Sharma also heads Yu, Micromax's online-only brand, focused on the fast-growing segment of tech enthusiasts.
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"The world is moving to smart devices and through these strategic investments, we want to ensure that consumers get insights into eating better, getting fitter and fighting lifestyle issues effectively," he said.
Micromax has an M&A team, headed by Kumar Shah, which actively scouts for startups across countries like US, Europe, Israel and India.
The company is keen to beef up investments in research and development of products and services as well as invest in start-ups to stay competitive against rivals like Samsung and Xiaomi. It is also looking at raising funds for these strategic partnerships.
Micromax closed 2014-15 financial year with an estimated revenue of Rs 11,000 crore, growing at about 50 per cent.