DataWind, the company behind the low-cost Aakash tablet, raised $30 million CAD ($28 million USD), in its IPO at the Toronto Stock Exchange last week.
The money will be used to expand the implementation of DataWind’s products in 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.”
states Suneet Singh Tuli, President and CEO of DataWind in the press release.
DataWind first made headlines when it introduced its plans to build a $35 tablet about four years ago. Though the company wasn’t able to deliver on its promise with the first version of the Aakash which was priced at $50, DataWind subsequently managed to set the price at $40 for the retail version of the Aakash 2 that it introduced in November 2012. Students were able to purchase the device for $20.
DataWind is currently working on the Aakash 4 which will support 4G networks and is expected to launch this year with a $35 price tag according to NDTV. The company offers its devices with a low-cost Internet browsing solution called Internet Delivery Platform which bundles the device with a prepaid 2G Internet service plan.
“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. Our technology holds the potential to help bridge the digital divide – effectively and in the most affordable manner.”
states Raja Singh Tuli, Co-Chairman and CTO of DataWind.
- DataWind Inc. Opens Toronto Stock Exchange | Marketwire
- Datawind raises Rs 168 crore via IPO, lists shares in Toronto | Economic Times
- Aakash 4 tablet development given go-ahead by HRD Ministry, due in 2014: Report | NDTV
- It is Reality: Aakash (India’s former $35 USD Tablet) launched today | EDUKWEST
- Aakash 2 unveiled – Price now at $21 for Students | EDUKWEST