Swipe Technologies to raise $20 million
THE HANS INDIA |
Nov 05,2015 , 03:20 AM IST
Smartphone maker has launched Elite 2 4G device at `4,666
Hyderabad: Swipe Technologies, a Pune-based manufacturer of smartphone and tablet devices, is looking to raise $20 million (about Rs 131 crore) in the next six months to fund its expansion plans, including a manufacturing facility. It launched Swipe Elite 2 4G smartphone, priced at Rs 4,666.
“Our company had already raised $5 million in Series A funding from Kalaari Capital. We are in the process of raising another $20 million in next two quarters,” Shripal Gandhi, Founder and CEO, Swipe Technologies, told media here on Wednesday.
At present, the company is setting a manufacturing capacity at Chakan on the outskirts of Pune. Spread over 50,000 sft space, the plant which is equipped with six assembly lines is expected to produce 20 lakh devices annually. “We are investing $20 million on the plant from which shipments will begin from January 2016,” he said.
Swipe, which enjoys over 10 per cent market share in tablet segment as per July-September 2015 numbers, ended last fiscal with Rs 100 crore in total revenue. It is confident of taking the turnover to Rs 300 crore by March 2016 and, to Rs 500 crore in the following year.
Gandhi who was here to launch Elite 2 said the smartphone range had been a huge success for Swipe. Available for sale only online and launched in August this year, Elite sold out on Flipkart in a record time.
The company is expecting similar response for Elite 2 which features 4.5-inch display, 8 MP rear and 5 MP front camera, among others. It tied up with Uber to offer the new device to latter’s customers under an exclusive preview sale arrangement. The device will be available for sale on Flipkart from November 8.