Consumer electronics maker Intex will invest up to $31m in strategic investments, the first of which was made in sporting community app developer Rooter.

India-headquartered consumer electronics producer Intex Technologies is investing between Rs 1.5bn and Rs 2bn ($23m to $31m) in a corporate venturing fund, Times of India reported on Tuesday.

Intex manufactures smartphones, computer accessories, televisions and other home entertainment products. The decision to go into strategic investments comes weeks after competitor Micromax launched its own venture capital unit.

Keshav Bansal, a director at Intex Technologies, told TOI the company was moving into corporate venturing to diversify its holdings into sectors such…