Akash maker Datawind raises Rs168 cr via IPO, lists shares in Toronto1 min read . Updated: 14 Jul 2014, 09:16 PM IST
Firm to use proceeds to expand business across emerging markets
New Delhi: DataWind Ltd, the maker of the low-cost Aakash tablets, has raised 168 crore (30 million Canadian dollars) through an initial public offer (IPO) and listed company shares on the Toronto Stock Exchange (TSX).
Stating that the company raised 30 million Canadian dollars through an IPO that closed on 8 July, Datawind said it will use the proceeds to expand business across emerging markets.
“Our IPO on the TSX represents a major milestone for DataWind and gives us the resources to implement the next stage of our vision to bring the internet to billions of unconnected people in the developing world," Datawind president and chief executive officer (CEO) Suneet Singh Tuli said in a statement.
DataWind has been recognized by the MIT Technology Review in its 2014 list of the World’s 50 Smartest Companies, as the Company is acknowledged for its ability to break the affordability barrier with tablet computers.
The company was the first to make tablet personal computer (PC) Aakash, which cost the government 2,276 a unit. The company has been also selected for supplying Aakash 4 which is expected to cost around 3,500 and will support 4G (fourt generation) services as well.
DataWind is now focusing on developing solutions that can facilitate access to Internet services at affordable prices.
“The world suffers from an Internet infrastructure deficit, however, we believe our patented cloud based web delivery technology can effectively leverage existing cellular telephony networks to deliver affordable internet to 93% of the world population," Datawind co-chairman and chief technology officer (CTO) Raja Singh Tuli said.