Financial Daily from THE HINDU group of publications
Saturday, Jan 05, 2002
Financial Daily from THE HINDU group of publications Saturday, Jan 05, 2002 |
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Info-Tech
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Venture Capital Motif gets $4-m first round funding Our Bureau
AHMEDABAD, Jan. 4 MOTIF India Infotech Pvt Ltd (MIIP) has secured $ 4 million as the first round of its funding from Wall Street and Silicon Valley investment firms. Sourced through Motif Inc, US, the funding also coincides with the strategic alliance the Ahmedabad-based company has forged with the Florida-based Precision Response Corporation (PRC). The current investors in Motif include Mr Rohit Desai, Chairman of the New York-based Desai Capital Management, The Chatterjee Group, Anthileon Capital/Artiman Ventures and Fenwick & West Partners. Mr Kaushal Mehta, CEO of Motif Inc, told newspersons here that the company had already invested $ 1 million in setting up the infrastructure facilities for a call centre in Ahmedabad. As per the present plan, the next 18 months will see $ 3 million being spent in setting up three more call centres in India. ``We are in talks with venture capitalists in the US for the second round of investments, which in the call centre business is ideally around $ 10 million. We are looking at expanding our base in such a manner that Motif will have a multi-locational presence that could span the eastern and southern parts of the country. We are looking at both complete buy-out options with the existing players who want to exit and joint ventures with those who are looking at upgrading their business,'' Mr Mehta said.
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