Intel Capital leads Series A investment in 123Greetings.com
Online Expressions Company Plans for International Expansion and New Products
New York, USA & Mumbai, India.- Intel Capital and 123Greetings, a leading provider of online e-card services, today announced the first closing of a Series A investment in IntraSoft Technologies Ltd, the owner of 123Greetings, led by Intel Capital. The proceeds from the investment are intended to support future product launches, sales and marketing, infrastructure and expansion both in India and internationally.
“Online greeting cards have become a standard form of modern socialization around the world,” said Arvind Sodhani, president, Intel Capital. ”Intel Capital looks forward to working with 123Greetings as they advance to the next stage of their growth and expansion"
“We are pleased to receive this support from Intel Capital,” said Arvind Kajaria, founder, 123Greetings.com. “Their investment provides us with the opportunity to further our strong position in the online expressions space and take full advantage of growth opportunities.”
“Our investment in Intrasoft/123Greetings highlights Intel Capital’s interest in India’s technology industry,” said Sudheer Kuppam, Intel Capital’s managing director for India, Japan, Australasia and South-East Asia. “123Greetings is well established in this market segment. This, combined with their strong content development team, attracted our attention.”
Intel Capital’s investment comes from the US$250M Intel Capital India Technology Fund which was founded in December 2005. This fund invests in Indian technology companies to help stimulate local technological innovation and the continued growth of India’s Information Technology industry. Intel Capital has invested in more than 40 companies across eight cities in India since 1998.
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing, and cleantech. Since 1991, Intel Capital has invested more than US$6 billion in approximately 1,000 companies in more than 40 countries. In that timeframe, about 157 portfolio companies have gone public on various exchanges around the world and another 187 have been acquired by other companies. In 2007, Intel Capital invested about US$639 million in 166 deals with approximately 37 percent of funds invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit www.intel.com/capital.
123Greetings is the world’s leading online destination for human expressions reaching over 200 million people annually. Drawing from its tag line “Giving Life to your Expressions” the service inculcates a sense of personalization that relates to the users on an emotional level. Its offering of over 20,000 greeting cards covers a mix of 2,500 special events and everyday celebrations. Its applications & widgets for social networks & blogs allow users ubiquitous access across multiple devices and platforms. For more information on the company, visit www.123greetings.com/info/.
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