Financial Daily from THE HINDU group of publications
Saturday, Oct 09, 2004
Financial Daily from THE HINDU group of publications Saturday, Oct 09, 2004 |
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Info-Tech
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Venture Capital Elitecore Tech plans to raise $5 m from venture capital funds Our Bureau
Ahmedabad , Oct. 8 ELITECORE Technologies Ltd, an Ahmedabad-based billing and content filtering services company, has firmed up plans to raise $5 million through private placement of equity with venture capital funds. "A few venture funds have shown interest in investing in Elitecore. We are finalising the private placement memorandum and hope to complete the formalities by the end of this year," said Mr Benjamin Casado and Mr Hemal Patel, founder-Directors of Elitecore. The funds would be used for the company's entry into the $4-billion US and South American markets, they added. Elitecore's core products include `JISP Billing' and `Cyberoam' - - billing and Internet content filtering solutions respectively. "The US and South American billing market of service providers is primarily based on a flat-fee structure where customers are charged a fixed amount per month. Our solution provides flexibility to the service provider to bill by usage and time and we feel that demand for usage-based billing will rise across the globe," said Mr Casado. The JISP Billing solution claims to handle 1.5 million subscribers in India and over 90 per cent share in the post-paid dial-up market. The company's clientele includes BSNL, MTNL, Reliance, and Bharti, Mr Casado said. "In the US, providing content filtering is compulsory in libraries and schools by law. The corporate scenario too is highly evolved with content filtering forming a crucial basis to prevent issues of legal liabilities", Mr Patel said.
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