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Intel Capital invests in Solar Products maker Duron Energy

According to reports, Intel Capital, the venture capital (VC) arm of the world’s largest chip maker, announced an investment of $20 million (Rs. 97.8 crore) in six Indian companies.

The VC firm has invested in Saankhya Labs Pvt. Ltd (a semi-conductor company), Testing Czars (a solutions provider for mobile applications), Financial Inclusion Network and Operations (a banking technology platform provider), What’s On India Pvt. Ltd (an electronic programming guide for television), enStage (an electronic payment solutions and processing provider), and Duron Energy Pvt. Ltd (an affordable solar products company). Specific investment details were not disclosed.

“The primary focus of the investments by Intel Capital is to develop the market for Intel,” said Sudheer Kumar Kuppam, managing director of Intel Capital in India.

“We are increasingly seeing more opportunities to invest in product companies,” Kuppam added, explaining the rationale behind investments in companies such as Saankhya Labs.

The investments by Intel Capital were made from its $250 million Intel Capital India Technology Fund, 80% of which has already been deployed.

“We will look to raise a new fund when we fully exhaust this fund by the end of 2012,” said Kuppam.

Duron Solar is looking to raise a total of $16 million, said Ajay Awasthi, president and chief executive of the company.

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