Karbonn eyes $125-m in PE funding
2011-07-26Karbonn has planned to raise about $125 million in the next few months through private equity (PE) players to fund expansion plans. Karbonn has a share of about 5 per cent of the over Rs. 30,000 crore Indian mobile handset market.
"We are looking at raising $125 million to fund our expansion plans. This will be done through PE investors and we will finalise plans in the next quarter. By the end of this quarter, there should be clarity on how we are going about it. The company is looking at the dilution of up to a 15 per cent stake during the process. The funds would be used for expansion of its research and development units in Delhi and Bangalore and marketing activities. Currently, we sell about 700,000 to 800,000 units a month. By the end of this fiscal, we are looking at 10 million handset sales," Karbonn Mobiles Executive Director, Shashin Devsare said.
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