Bengaluru : Former Infosys directors T.V. Mohandas Pai and V. Balakrishnan (Bala) have funded an enterprise software product firm here in the area of governance, risk management and compliance management.
“Pai and Bala have invested in raising $250,000 (Rs.15.6 million) as seed capital to fund the start-up, which will develop niche software products for regulatory and governance compliance,” Clonect Solutions Ltd. co-founders Balaji Rao and Shailesh Agrawal said. The two co-founders, also former Infosys employees, however, did not disclose the investment made by Pai and Bala for the paid-up capital, or their own and that of former Wipro director B.C. Prabhakar and a few angel investors.
“The seed capital will sustain us over the next 18 months to ramp up our operations, including sales and marketing teams to hard-sell our products,” Rao said on the occasion.
The city-based firm has set a revenue target of $100 million by 2020.
Claiming to be the first such ‘Made in India’ product in the niche area, Agrawal said the trademark registered ‘ricago’ is a compliance ERP platform to help medium and large enterprises across verticals address the risk of non-compliance. “Our technology platform is a suite of products integrated for compliance ERP (enterprise resource planning) through management system and handle end-to-end requirements in the post-2008 financial meltdown era,” Agarwal added.
