Prime Telesystems (PrimeTel), an India-based telecom services provider backed by Intel Capital, is reportedly trying to raise R300 crore ($66m) to provide a partial exit for some of its existing investors and develop its offering.
"The proceeds will be used for launching convergence services in India under the proposed unified telecom licencing framework of the government of India," the company spokesman told news provider VCCircle.
Intel Capital, the corporate venturing unit of chip maker Intel, and SCSI Capital, a China-based Asian venture capital firm founded by a British professor and focused on opportunities in the digital space, are two existing investors in PrimeTel over the past 15 years, with others including Citigroup, Cheekotel Venture Fund, Sasken, PrimeTel Esop Trust and an Indian angel investor group.