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China’s Apus sets up Rs. 300 crore fund

It expects the fund to help accelerate its R & D and boost relationship with India.

December 05, 2015 12:04 am | Updated 12:04 am IST - CHENNAI:

China’s Apus Group, one of the world’s biggest Android application development companies has floated a fund in India with an initial corpus of Rs 300 crore. The ‘Apus Fund’ would invest in startups that are working on mobile internet innovation projects in the country.

The fund which would be led by Apus includes other investors as well such as Northern Light Venture Capital, Redpoint Ventures, Chengwei Ventures, SIG Global and Qiming Venture Partners.

“As an emerging economy, India's market potential is great and we would like to extend our assistance to the early stage startups,” said Tao Li, founder and chief executive of Beijing-based Apus. “We hope to build a positive ecosystem for mobile internet industry in India through investments in startups.”

Apus expects the fund will help the company to accelerate its research and development and strengthen its relationship with India. In September, Apus formed a partnership with Indian mobile advertising network InMobi. The Bengaluru-based firm will share its expertise to help Apus establish a larger footprint in India.

Apus said it has 30 million users in India and 80 percent of them are aged 18-34. The firm said the fund will also provide support for young Indian ventures to enter the Chinese market through their Apus Global Mobile Internet Incubator in Beijing. Apus would provide services such as registration, office, accommodation, human resources and legal support.

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