Financial Daily from THE HINDU group of publications
Tuesday, Mar 02, 2004
Financial Daily from THE HINDU group of publications Tuesday, Mar 02, 2004 |
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Info-Tech
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Venture Capital Deccanet gears up to raise Rs 12 cr Vishwanath Kulkarni
Bangalore , March 1 DECCANET Designs Ltd, a Bangalore-based telecom products and services company, is planning to raise Rs 12 crore in the fourth round of funding even as it plans to double its headcount to about 600 over the next 12 months. The company plans to utilise the fresh investments to fund its expansion plans, said Mr Venkat Rajendran, CEO. As part of the expansion plan, the company is looking at widening its business management bandwidth, enhancing its R&D set up and strengthening its overseas presence, especially in the US, Europe and Japan, he added. Deccanet currently has a headcount of 250, which it plans to increase to about 600 over the next 12 months, he said. "We are currently looking at structuring the deal - whether to raise debt or equity. At the same time we will be talking to our existing investors to raise the latest round of funds," he said. Deccanet has raised Rs 13 crore so far in three rounds from Gujarat Venture Funds Ltd, Templeton Direct Advisors and Intel Capital. It expects to close the current fiscal with revenues of Rs 15 crore and a profit after tax of Rs 1.7-2 crore, Mr Rajendran said. Last fiscal, the company recorded revenues of Rs 9 crore. Deccanet sees massive growth in earnings next year as it expects its product for early stage software testing - Orion/ET - would take off by then. "We are looking at revenues of Rs 40-60 crore next year." The company expects 55-60 per cent of its revenues to come from products next year compared to 35 per cent now. Deccanet, which launched Orion/ET in the domestic market recently, plans to take it to the global market over the next two quarters. The company is in the process of extending the Orion suite of products to address the integration and system-testing segment, which is expected to happen in the next fiscal, he said.
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