Founders not looking to exit, says Micromax

Mobile handset maker Micromax on Thursday said it is looking at raising funds to beef up its war chest for strategic acquisitions and ruled out the possibility of its founders exiting the firm. Reports suggest that the city-based company is looking at raising as much as $1 billion from overseas investors, including Japan’s SoftBank and Alibaba Group’s online financial services firm Ant Financial. While the firm said it is looking to raise funds, it has declined to comment on the timeline or the size of the funding it seeks.