Intel Capital, Intel Corporation’s global investment and merger and acquisition organisation, said it will invest $16 million in three e-commerce companies in Asia, including two in India — Bright Lifecare and Snapdeal.com.
While Bright Lifecare is a distributor of nutrition, health and wellness products, Snapdeal.com sells consumer goods online.
The third company Reebonz.com is a Singapore-based firm, which is a luxury goods retailer, Intel Capital said on Friday.
“We look forward to helping them grow and succeed through our resources and their passion,” Arvind Sodhani, President, Intel Capital and Intel Executive Vice-President, said.
driving innovation
He said these investments will help drive innovation in the fast-growing e-commerce and distribution industries.
Growth in Asia’s middle-class, overall expansion of its economy and ever improving Internet connectivity in the region have given rise to a considerable online retail market opportunity for these firms, he said.
“We look forward to building a successful enterprise that rewards the entire ecosystem of our buyers, sellers, team members and shareholders, by gaining from Intel Capital’s knowledge in this space which they have gained through their diverse global portfolio,” Kunal Bahl, Co-founder and Chief Executive Officer, Snapdeal.com, said.
Intel Capital, which entered India in 1998, has since then invested over $320 million in more than 80 companies.
It invested in six companies last year, including Hungama.com, Yatra.com, July Systems, Tejas Networks and Saankhya Labs.