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Mumbai , Aug. 28

SIDBI Venture Capital Ltd (SVCL), the fund manager of the National Venture fund for Software and IT Industry (NFSIT), has made its first exit from venture capital funding given to TRRS Imaging Ltd (TRRS).

SVCL has raked in an IRR (internal rate of return) of over 30 per cent on this investment in under three years.

SVCL has exited from its investment in TRRS as the latter has transferred control to Indecomm Global Services, as part of its strategy to ramp-up operations and expand beyond Indian shores. Indecomm Global has raised $5 million from overseas VC funds.

An official release quoting Mr V.K. Chopra, Chairman, SIDBI Venture Capital Ltd, said: "The most difficult part of the VC process is the exit and to have accomplished it along with the company receiving financing for a future expansion is the ideal end result. The exit of our fund from TRRS vindicates our faith in the SME segment and its ability to offer growth opportunities to VCs."

TRRS, which received early-stage venture capital from SVCL, was promoted by a group of professionals. It began operations in 2000 as a business process outsourcing company, and in two years scaled up business from a 60-seat operation to over 500 seats. With the $5-million VC funding from Indecomm, it will integrate itself into an offshore entity.

In the four years since its inception, SVCL has funded 21 SME projects largely in product, services, IT enabled services, Internet and BPO space.

Mr C.V. Prakash, founder-director of TRRS, said: "The support provided by SVCL is validated by our growth and the second round of funding by overseas VCs."

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