Indian smart gadget maker Swipe Telecom has closed $4.9 million (INR30 crore) in funding from Kalaari Capital. The company will use the investment to expand its market reach in India, according to VC Circle.
Swipe co-founder and Chief Financial Officer (CFO) Aman Gupta said: "With this round of funding, Swipe is targeting a 12 per cent market share in the rapidly growing tablet PC industry in the country."
The electronics firm was founded by Gupta and Swipe chief executive officer (CEO) Shripal Gandhi. In the fiscal year 2014, it posted a revenue of INR100 crore. To date, the firm has released a total of 23 mobile gadgets. It claims that it is the first company in the country to launch a 3D Tablet and another tablet tailored for children. Its models cost between INR3,999 and INR14,999, the report detailed.
Kalaari Capital is a $160-million early-stage venture capital fund that focuses on mobile platform and services investments. Magzter, Robosoft, and AppsDaily are among the companies under its portfolio, VC Circle reported.
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