Strategic investors are set to help their Indian mobile services portfolio company One97 float to raise money to buy more telecoms equipment.
Intel Capital, the in-house venture capital division of chip maker Intel, has previously invested in One97, along with US-based financier Silicon Valley Bank (SVB) and Hong Kong-based SAIF Partners, which has raised $2bn over the past nine years and this month started raising $1bn for its next fund.
SAIF’s 41% stake in One97 will be diluted to 36.7% after the flotation while SVB will increase its share to 3.5% from 2.7% after converting preference shares and Intel will have 9.7% from zero through the same route, according to local trade publication VCCircle.