Swipe Tech plans to raise $20 million to expand R&D operations

NEW DELHI: Tablet maker Swipe Technologies plans to raise $20 million this year to expand its research and development operations.

"We are looking at raising $20 million in the next six months," Shripal Gandhi, cofounder and chief executive officer of the Pune-based company, told ET. The funds will be used primarily to ramp up R&D operations.

Swipe clocked over Rs 100 crore in 2014-15 and is targeting Rs 300 crore in revenue in the current financial year. Enterprises in the pharma, banking and hospitality sectors and educational institutes are some of the company’s biggest consumers.

Gandhi said Swipe provides tablet PCs for its enterprise customers with preloaded solutions for their needs. "We have built solutions for these verticals. Our entire focus lies on offering solutions instead of hardware," he said.

Swipe has also developed a proprietary Android-based user interface, which it will launch in the coming months.

The company is in talks with various state governments to set up a manufacturing plant for tablets and smartphones. Gandhi said the company will take a decision on the plant in next three months.

The company is aiming for an 11% share of the tablet market by the next quarter, up from 4.5 per cent.