Qualcomm Ventures To Invest In Tessolve

Bangalore: Qualcomm, developer and innovator of advanced wireless technologies and data solutions, has announced its commitment to invest in Indian start-up companies offering innovative technologies and services that enhance the wireless communications and semiconductor ecosystems.

Qualcomm Ventures’ first direct equity investment in India is in Tessolve Services Pvt Ltd, provider of solutions and platforms for semiconductor testing, packaging, qualification and failure analysis.

Qualcom did not disclose the amount. Qualcomm Ventures’ investment strategy will focus on Indian start-ups and private companies that can serve the mobile and semiconductor ecosystems in India through innovation in mobile application/platform software developers, semiconductor components, devices and service platforms, and network infrastructure providers.

It will also actively work with its portfolio companies to provide strategic guidance, advise in enhancing and protecting their innovations, and support in standardising their technologies.

“We are pleased to announce Qualcomm Ventures’ entry to the Indian market, adding to our growing business and R&D presence,” said Kanwalinder Singh, President, Qualcomm India and South Asia.

Karthee Madasamy, Senior Investment Manager and head of India investments, said “We are looking at start-up companies that focus on the growing Indian consumer and enterprise market. With a full-time presence in Bangalore, we are committed to the Indian venture ecosystem.”

Bajaj Cap Plans To Mobilise $50 Mn For Expansion

Bangalore: Bajaj Capital is looking at mobilizing $50 million to expand its network despite turbulent global market conditions. According to market sources, a few private equity funds have shown interest in the company and a decision is expected during the next quarter.

Sources indicate that Citigroup Venture Capital and Barings Private Equity are among the funds which have evinced interest to fund Bajaj Capital. In addition to being an investment advisory and financial planning company, Bajaj Capital is also a Sebi-approved Category-I Merchant Banker. Of late, the company has 170 outlets across the country and is understood to be expanding. Early this year, Bajaj Capital forayed into online trading under the Just Trade brand, which also offer online investment advisory services. With this launch, Bajaj Capital offers stock broking, mutual fund and IPO services through a common online platform.

Puravankara Mulls To Fuse Rs 1,000cr

Bangalore: Puravankara Projects, mulls to begin work on four to five hotels in the next one year with an investment of Rs 1,000 crore. On completion of the projects, the company will be managing an inventory of about 600 to 750 rooms. With land for the projects having already been purchased the company was in the final stages of alliances up with reputed brands for awarding the management contract. The first hotel, in the super luxury category, will be established in Cochin while other properties will be located in Chennai, Hyderabad, Bangalore and Coimbatore. Assisted by a 70 per cent increase in its revenue at Rs 150.52 crore during the quarter ended December 2007, Puravankara recorded a net profit of Rs 69.6 crore, an increase of 122 per cent over the same period in the previous year. The figures for the corresponding quarter of FY 2007 were Rs 84.35 crore and Rs 28.4 crore respectively.