Intel Capital invests in 123Greetings

Intel Capital, the investment firm of Intel Corp, today announced the first closing of a Series A investment in 123Greetings, a provider of online e-card services.
 
The proceeds from the investment are intended to support future product launches, sales and marketing, infrastructure and expansion both in India and internationally. 123Greeting is owned by IntraSoft Technologies Ltd.
 
123greeting took in a revenue of $5 million for the financial year 2007. The company has close to 20,000 free cards. US currently is the largest market from the company and has been launched in India recently.

Arvind Kajaria, founder, 123Greetings.com said, "This is for the first time that we have gone in for funding. Their investment provides us with the opportunity to further our strong position in the online expressions space and take full advantage of growth opportunities." 

Sudheer Kuppam, IntelCapital's managing director for India, Japan, Australasia and South-East Asia said: "Our investment in Intrasoft/123Greetings highlights Intel Capital's interest in India's technology industry. 123Greetings is well established in this market segment. This, combined with their strong content development team, attracted our attention."