Kalaari Cap invests Rs 30cr in Swipe Tele

PUNE: Venture investor Kalaari Capital has invested Rs 30 crore in Pune-based mobile technology startup Swipe Telecom for an undisclosed stake. Swipe is a mobile technology company that develops and markets innovative tablets and fablets (large smartphones) in India. It has a dedicated manufacturing facility in China. The company has the widest range of 23 devices in the tablets and fablets space, including the first 3D Tablet and the first Tablet customized for kids in India.It has a strong presence in markets such as Rajasthan, Punjab, Chandigarh, Himachal Pradesh and J&K and is among the top two sellers in Mumbai and Gujarat.
Swipe Telecom founder and chief executive officer Shripal Gandhi told TOI that Kalaari has made a strategic investment in the company. He did not disclose the holding the company has offered Kalaari Capital. He said Swipe will invest the funding to develop new products and expand market presence.
"Funding from Kalaari Capital is another milestone in our journey to become the leading Tablet brand in India. Swipe will continue to lead in making available cutting-edge technology that is highly customized for the Indian consumers, at attractive pricepoints" Gandhi said.
Kalaari is a $160 million venture capital fund with a strong advisory team in Bangalore investing in early-stage, technology-oriented companies in India. It has invested in various start-ups in mobility space such as Magzter, Apalya, Robosoft and AppsDaily.
Rajesh Raju, Managing Director, Kalaari Capital, said, "Tablets and smartphones are changing the dynamics of consumer interaction globally. The breadth of applications made conveniently available through these new form factors is creating a massive resurgence in the mobile ecosystem. Mobility (platform and services) is a core investment theme for Kalaari and in that context; Swipe is a valuable addition to our mobility portfolio."