MEL bags $5 Million contract, gets in more investment from Intel

Leading animation and VFX studio Maya Entertainment Limited (MEL) one of the major players in the International animation outsourcing market has received a third round of funding from Intel Capital to meet its expansion plans. Intel Capital’s latest investment in MEL is via a new fund it has floated – Intel Capital India Technology Fund. The studio recently bagged outsourcing contracts worth $5 million to be executed over a period of 18 months. “We are doing it for a UK-based production company,” shared MEL CEO Rajesh Turakhia. The freshly bagged contract includes a 30 episode longform animation series worth around 3.65 Million which is to be delivered by March 07. Other assignments include some direct to home DVD projects. MEL will soon expand its seat capacity to 200, with a target of having a 300-seat capacity by beginning of 2007. The studio is in negotiations for three more animation outsourcing projects. Intel Capital had first invested in Maya in 2000. The second round of funding took place in 2003. Intel has done the fresh funding through its Intel Capital India Technology Fund. Out of the Fund’s corpus of $250 million, Intel has completed three investments for an undisclosed amount in Indian companies.

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