Spice mobility to raise Rs 500 crore

Spice Mobility which launched their future ready smart phones in the Indian market, is looking to raise a fund of Rs 500 crores through QIP and offloading a near about 3 crore shares from the treasury stock, once both Spice Televenture and Spice Mobility gets merged, said Mr Dilip Modi, Managing Director, Spice Televentures. “There are two components of fund raising which we are looking at Spice Mobility. There is a treasury stock, where we have about 3 crore shares which we can offload in the market as well as we do a separate QIP issue and between the two we would be raising a fund of Rs 500 crore in this financial year,” commented Mr. Modi.

Spice Mobility, whose new smart phone models are based on Android operating system and powered by Qualcomm's chipsets are aimed at capturing 3G mobile market in India. “We are committed to 3G success of Indian brands like Spice and causing a fundamental shift in the internet and computing experience for Indian consumers”, said Mr. Kanwalinder Singh, President, Qualcomm India and South Asia.

Spice Mobility, which considers rural market as the most important market for them and are constantly making products that have the features and the price point, which consumers at large can afford launched 3 handset models namely Mi-300, Mi-410 and Mi-700 respectively. While Mi-300 is available at a price of Rs 9,990 exclusively at Spice Hotspots, the other two models
will be presented in the market in a couple of month’s time.