New Delhi, 14th January: IndiaMart.com, an online B2B marketplace, announced that it has received funding from Intel Capital, the venture capital arm of Intel. The press release states that Intel Capital will invest US$23 million in three Indian companies including IndiaMart.com. The press release does not specify how much IndiaMart.com will receive. The funds will be drawn from the $250 million Intel Capital India Technology Fund which was established in December 2005.

Sudheer Kuppam, Intel Capital managing director for India, commented, “Our investment in IndiaMART.com is driven by its successful business model that connects millions of small and medium enterprises and the opportunity it offers in future. IndiaMART.com’s management focus on B2B and its uninterrupted profitable growth since inception also impressed us.”

IndiaMart.com was founded in 1996 and employs 1,000 people across India. The company claims to have over 500,000 registered supplier members and over five million buyers.

Source: Courtesy Business Strategies Group –  www.bsgasia.com

BIIA Newsletter January – 2009 Issue