Intel’s global investment organization – Intel Capital has joined hands with online e-card services provider 123Greetings to announce the very first closing of a line-up of Series A investment in IntraSoft Technologies Ltd, the owner of 123Greetings, led by Intel Capital. The income earned out of the investment will be used to support prospective product launches, sales and marketing, infrastructure and expansion both in India and globally.
Arvind Sodhani, president, Intel Capital said, “Online greeting cards have become a standard form of modern socialization around the world.” Adding, “IntelCapital looks forward to working with 123Greetings as they advance to thenext stage of their growth and expansion.”
123Greetings.com’s founder Arvind Kajaria was also enthusiastic about his company’s association with Intel Capital. Explaining that with the investments the company will get a chance to strengthen their position further in the online expressions space and take full advantage of growth opportunities
“Our investment in Intrasoft/123Greetings highlights Intel Capital’s interest in India’s technology industry,” said Sudheer Kuppam, IntelCapital’s managing director for India, Japan, Australasia and South-East Asia. “123Greetings is well established in this market segment. This, combined with their strong content development team, attracted our attention.”
Intel Capital’s asset stems from the US$250M Intel Capital India Technology Fund which was founded in December 2005. This fund invests in Indian technology companies to help motivate local technological innovation and the constant growth of India’s Information Technology industry. Since 1998, Intel Capital has invested in over 40 companies in eight cities in India.