Swipe raises Rs 30 crore from Kalaari Capital

Mobile technology start-up Swipe Telecom has announced that it has raised Rs 30 crore in venture capital funding from Kalaari Capital.

Swipe has the widest range of Tablets and Fablets (total 23 devices launched till date), of which Swipe has the distinction of being the first to launch 16 new products with no pre-existing equivalents, including the first 3D Tablet and the first Tablet customized for kids in India.

Swipe, in a short time frame, has emerged as the leading Tablet brand by units sold in Rajasthan, Punjab, Chandigarh, Himachal Pradesh and J&K and among the top two sellers in Mumbai and Gujarat.

"Swipe will continue to lead in making available cutting-edge technology that is highly customized for the Indian consumers, at attractive pricepoints. We are honored to be associated with Kalaari Capital, as they have a legacy of funding strong market-leading technology companies. We look forward to a meaningful and mutually beneficial association with Kalaari," said Shripal Gandhi, Founder & CEO, Swipe.

"The team has a great DNA of identifying cutting-edge technology and marrying this with unique, local consumer requirements that will enable rapid proliferation and use of mobility products and services in India. Tablets and smartphones are changing the dynamics of consumer interaction globally. The breadth of applications made conveniently available through these new form factors iscreating a massive resurgence in the mobile ecosystem. Mobility (platform and services) is a core investment theme for Kalaari and in that context; Swipe is a valuable addition to our mobility portfolio which includes Magzter, Apalya, Robosoft and AppsDaily,"said Rajesh Raju, Managing Director, Kalaari Capital.

"With this round of funding from Kalaari Capital, Swipe is targeting a 12% market share in the rapidly growing tablet PC industry in India", said Aman Gupta, Founder and CFO, Swipe.