Nokia Growth Partners fund gets $250 mn commitment from parent
London: Mobile devices maker Nokia on Tuesday announced it will commit USD 250 million (Rs 1,344 crore approximately) investment in its venture capital arm, Nokia Growth Partners' third fund.
"Nokia Growth Partners (NGP), a global venture firm, Tuesday announced the launch of its third fund with a further USD 250 million long term commitment from Nokia," Nokia said in a statement.
Nokia Growth Partners invests in companies in the field of mobility, communications and internet.
The company has active investments in Indian firms such as FashionandYou, DealsandYou, Network 18 and Quickr.
NGP also announced its expanded presence in China with the appointments of David Tang as managing director and Lu Guo as principal. Both these officials will be based in Beijing.
The parent organisation of NGP, Nokia recently reported a net profit of 255 million euro in quarter ended December 2012 helped by restructuring efforts.
Nokia, which is battling stiff competition from rivals including Apple and Samsung, had reported a net loss of 1.07 billion euro in the 2011 December quarter.