Nokia Growth Partners, a global equity fund set up by the Finnish telecom giant, has decided to invest an additional $150 million and this time for financial support to enterprises focused on India and China.
“Building on a track record of successful investments, Nokia Growth Partners, launched in 2004, will now establish direct operations in India and China and augment investment activity in the US and Europe,” the company said.
“With the additional investment, Nokia Growth Partners will continue pursuing investments that are of strategic relevance to Nokia, and or complementary to their strategy,” it added.
Nokia began sponsoring funds and promoting venture investments in 1998 to act as catalysts for innovation in the mobile telecom industry. Nokia's venture funding activities to date exceed $900 million.
Target investments include companies creating innovative mobile applications and services in areas such as payments, advertising, music and entertainment and other related services and software.
Bangalore-based Sasken Communication Technologies, which offers a combination of wireless software products and services to leading semiconductor manufacturers, has been a recipient of Nokia's funding in the past.
During the past year, Nokia also invested in some funds like BlueRun Ventures, Founders Fund, Gobi Partners, Magma Venture Partners, Oak Hill Capital Partners and Technology Crossover Ventures.
“Our funds are structured to reinforce the primary responsibility of any fund manager: To deliver superior return on investment,” said Rick Simonson, the executive vice president and chief financial officer for Nokia.
“This increase of our commitment to Nokia Growth Partners is aligned with our strategic focus on consumer Internet services, reflecting the increased role that Nokia Growth Partners will play in our future success.”
Source: India Times