Swipe Technologies is looking forward to secure plans to raise $20 million this year in order to expand its research and development operations in India, said a latest report from Economic Times.
“We are looking at raising $20 million in the next six months,” Shripal Gandhi, cofounder and chief executive officer of the Pune-based company, told the publication. The company which is more than 100 member team has recorded over Rs 100 crore in 2014-15 and is targeting Rs 300 crore in revenue in the current financial year.
Swipe has a number of devices in the tablets and phablets space, including the first 3D tablet and the first tablet customized for kids in India. The company’s biggest consumers are claimed to be companies in the pharma, banking and hospitality sectors and educational institutes.
Started in 2012, the company has also developed a proprietary Android-based user interface, which it will launch in the coming months. The report further added that Swipe is in talks with various state governments to set up a manufacturing plant for tablets and smartphones and Gandhi will on the plant in next three months. The company is aiming for an 11% share of the tablet market by the next quarter, up from 4.5 per cent.
India has become a hotbed for not only homegrown but international smartphone makers. Xiaomi announced earlier this year in January that will open its R&D unit the country.