The Hindu Business Line : Tejas Networks gets $20-m equity funding

Tejas Networks has received $20 million equity funding from Sandstone Capital, which the optical networking products company plans to deploy for expanding its international business and invest in research and development to emerge a strong global player.

The company is also increasing its headcount by 100 during the current fiscal to focus on stronger research and development and customer support to roll out new products to its customers. With this accretion, the company would have 400 professionals.

Tejas, which has projected its exports to grow to 50 per cent of its revenue by FY 2008, has seen its revenue jumping to Rs 250 crore during the current fiscal against Rs 135 crore in 2005-06. Its exports during the current fiscal is expected to account for 35 per cent, said Mr Sanjay Nayak, CEO and Managing Director.

Addressing a press conference here on Tuesday, Mr Nayak said with the telecom sector witnessing rapacious growth in the country, Tejas plans to leverage its domain expertise in optical networking products to strengthen its international market through its OEM partners with global brand labels.

The company received three rounds of funding since its inception in 2000, from Dr Gururaj Deshpande, the Chairman of the company, Battery Ventures & Intel Capital.

With the new capital infusion, it is all set to increase its portfolio of products to meet the needs of the telecom companies, whose growth has been fuelled by rapid tele-density penetration in the country.

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