Summary of Proposed Investment
Project Number
26978
Company Name
Midas Communication Technologies Private Limited
Date SPI Disclosed
Apr 21, 2008
Country
India
Industry
Telecommunications and Technology
Projected Board Date
May 21, 2008
Status
Completed
Sector
Other Services (Including IT Enabled Services)
Date Revised SPI Disclosed
Jun 10, 2008
Department
Gbl Infrastructure & Natural Resources
Environmental Category
B - Limited
Previous Events
Approved : Jul 25, 2008
Signed : Aug 1, 2008
Invested : Aug 13, 2008
Project Description
Midas Communication Technologies Pvt. Ltd (Midas or company) is a Chennai-based Indian telecommunications equipment company which designs affordable and appropriate telecom access solutions for both urban and rural areas in emerging markets.
The company’s flagship product is BroadbandcorDECT, which is based on the European Digital Enhanced Cordless Telecommunications (DECT) standard. The company is also about to deploy a GSM access solution that is specifically designed for high modularity, low power, high reliability and low subscriber densities. It is also developing a 4G voice and data platform based on the IEEE 802.16e standard (Wimax-e) that will have applications for both urban and rural voice & broadband data requirements. The company also offers some wireline products, namely Ethernet switches and ADSL and Ethernet access systems that connect the backhaul to residential and corporate buildings.
The company was founded in 1994 by a group of alumni of the Indian Institute of Technology, Madras (IITM) to develop and commercialize data and voice last mile access solutions for India and other emerging markets. The founders include Rene Abraham, who is the Chief Technology Officer, and Shirish Purohit, who is currently the Chief Executive Officer and the head of Marketing and Sales. Both Mr. Abraham and Mr. Purohit have more than 20 years of experience in the telecommunication electronics industry.
Midas focuses on product design and deployment and outsources its manufacturing to world-class contract electronic manufacturers. This allows the company to scale up or down its manufacturing as required, in order to meet customer demand and avoiding high capital expenditures.
Midas is seeking $24.5 million in equity funding to scale up its operations by:
- continuing to develop its family of access corDECT products while targeting new clients in other low-income, low tele-density countries;
- expanding market reach through increased sales & marketing efforts;
- deepening existing customer relationships; and
- continuing R&D on new promising technologies
The company’s flagship product is BroadbandcorDECT, which is based on the European Digital Enhanced Cordless Telecommunications (DECT) standard. The company is also about to deploy a GSM access solution that is specifically designed for high modularity, low power, high reliability and low subscriber densities. It is also developing a 4G voice and data platform based on the IEEE 802.16e standard (Wimax-e) that will have applications for both urban and rural voice & broadband data requirements. The company also offers some wireline products, namely Ethernet switches and ADSL and Ethernet access systems that connect the backhaul to residential and corporate buildings.
The company was founded in 1994 by a group of alumni of the Indian Institute of Technology, Madras (IITM) to develop and commercialize data and voice last mile access solutions for India and other emerging markets. The founders include Rene Abraham, who is the Chief Technology Officer, and Shirish Purohit, who is currently the Chief Executive Officer and the head of Marketing and Sales. Both Mr. Abraham and Mr. Purohit have more than 20 years of experience in the telecommunication electronics industry.
Midas focuses on product design and deployment and outsources its manufacturing to world-class contract electronic manufacturers. This allows the company to scale up or down its manufacturing as required, in order to meet customer demand and avoiding high capital expenditures.
Midas is seeking $24.5 million in equity funding to scale up its operations by:
- continuing to develop its family of access corDECT products while targeting new clients in other low-income, low tele-density countries;
- expanding market reach through increased sales & marketing efforts;
- deepening existing customer relationships; and
- continuing R&D on new promising technologies
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Shirish Purohit, Mr. Rene Abraham
Chief Executive Officer, Chief Technology Officer
Midas Communication Technologies Private Limited
#14 Kalyani Nagar, Kottivakkam
Thiruvanmiyur, Chennai 600041
India
Telephone: +91-44-2451-2050
Fax: +91-44-2451-0555
Chief Executive Officer, Chief Technology Officer
Midas Communication Technologies Private Limited
#14 Kalyani Nagar, Kottivakkam
Thiruvanmiyur, Chennai 600041
India
Telephone: +91-44-2451-2050
Fax: +91-44-2451-0555
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster