Midas

completed

Midas Communication Technologies Pvt. Ltd (Midas) is a Chennai-based Indian telecommunications equipment company that designs voice and data technology platforms and Ethernet switches and access systems to provide affordable and appropriate telecom access solutions for both urban and rural areas in emerging markets. Midas focuses on product design and outsources its manufacturing to world-class Contract Electronic Manufacturers. This allows Midas to scale up or down its manufacturing as required, in order to meet customer demand and avoiding high capital expenditures. Its headquarters in Chennai include a Technology Center, Sales & Finance Office, and Testing Lab. Midas has an additional Testing, Integration and Quality Control facility in Pondicherry, in which final assembly, packaging, and warehousing of manufactured products take place.Midas is seeking to scale up its operations by - continuing to develop its family of products while targeting new clients in other low-income countries; - developing new promising technologies; - deepening existing customer relationships; and - expanding market reach through increased sales & marketing efforts. The total funding amount sought is $25 million, to be financed with a $12 million equity investment from IFC, in addition to equity investments by other investors.