Handset-maker Micromax plans to raise up to USD one billion from overseas investors, including Japan’s SoftBank, as the homegrown firm looks to invest in start-ups and bring in innovative technology to defend its turf against rivals like Samsung and Xiaomi. The company has recently set up a merger and acquisition team to scout for start-ups working on new and interesting technology that could add value to its business.
Sources said Micromax is in talks to raise as much as USD one billion from global investors, including Japan’s SoftBank. When contacted, a Micromax spokesperson said: “As a company policy, we do not comment on any market speculation.” SoftBank did not respond to queries sent to the organisation in this regard. In 2010, Micromax had filed for a public listing but later shelved the plans citing poor market conditions.