ET BureauMUMBAI: Early stage investment firm Kalaari Capital is backing an Indian tablet maker Swipe Telecom that is building a range of low-priced devices. The Pune-based company will receive funding of about Rs 30 crore that will be used to expand sales in the Indian market and invest in research to develop a new range of products.
Swipe offers around 23 types of tablets which include those with 3D resolution as well as a range aimed at children. While its current products are on Google’s Android platform, it will soon introduce tablets on the Microsoft Windows platform.
“Most Indian companies are making tablets as a side business while smart phones continue to be their main focus,” said Rajesh Raju, managing director at Kalaari Capital.
Tablets shipments from India touched 4.14 million units in 2013 according to data from IDC. The market is dominated by Samsung with 18.7% share followed by Micromax with 8.9% market share but smaller manufacturers account for over half the tablets sold in India. According to Swipe’s Gandhi, his company has captured 7% of this market.
In China local manufacturers like Xiaomi have taken away market share from Apple and Samsung by delivering cheaper and more localised smartphones. Swipe’s tablets are priced in the range Rs 3,999 to Rs 14,999. Some of its best selling products include Swipe Halo Value Tablet, which has sold over 40,000 units and Swipe 3D Life which has sold over 20,000 units. It has also partnered with music channel MTV to sell cobranded tablets that come loaded with several applications.
The fast growing company, founded by Gandhi and Aman Gupta two years ago, has seen a three-fold increase in revenue which touched Rs 100 crore in fiscal 2014, with an estimate to touch Rs 300 crore next year. Swipe Telecom, which says it can develop and roll out products in five weeks, is able to customise its tablets for enterprises and plans to make pre-loaded tablets for education institutes and banks.
Swipe offers around 23 types of tablets which include those with 3D resolution as well as a range aimed at children. While its current products are on Google’s Android platform, it will soon introduce tablets on the Microsoft Windows platform.
“We want to be a leader in one category ,” said Shripal Gandhi, cofounder & CEO of Swipe who has 11 patents in nanotechnology. He has earlier worked at Unidym, where he worked on touch screen technologies for clients like Samsung and Apple. It is this focus that is proving attractive to investors.
“Most Indian companies are making tablets as a side business while smart phones continue to be their main focus,” said Rajesh Raju, managing director at Kalaari Capital.
Tablets shipments from India touched 4.14 million units in 2013 according to data from IDC. The market is dominated by Samsung with 18.7% share followed by Micromax with 8.9% market share but smaller manufacturers account for over half the tablets sold in India. According to Swipe’s Gandhi, his company has captured 7% of this market.
In China local manufacturers like Xiaomi have taken away market share from Apple and Samsung by delivering cheaper and more localised smartphones. Swipe’s tablets are priced in the range Rs 3,999 to Rs 14,999. Some of its best selling products include Swipe Halo Value Tablet, which has sold over 40,000 units and Swipe 3D Life which has sold over 20,000 units. It has also partnered with music channel MTV to sell cobranded tablets that come loaded with several applications.
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The fast growing company, founded by Gandhi and Aman Gupta two years ago, has seen a three-fold increase in revenue which touched Rs 100 crore in fiscal 2014, with an estimate to touch Rs 300 crore next year. Swipe Telecom, which says it can develop and roll out products in five weeks, is able to customise its tablets for enterprises and plans to make pre-loaded tablets for education institutes and banks.
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