The Hindu Business Line : Infrasoft gets Rs 100 cr funding from Baring

Mr Hanuman Tripathi, CEO & Managing Director, InfrasoftTech, with Mr Rahul Bhasin, Managing Partner, Baring India, to announce its partnership with Baring Private Equity Partners at a press conference in Mumbai on Wednesday.

Our Bureau

Mumbai, July 11

The Mumbai-based Infrasoft Technologies Ltd, an IT solutions company focused on the BFSI vertical, has received Rs 100 crore funding from Baring Private Equity Partners.

The amount will be used for accelerating the company’s growth both organically and inorganically, Mr Hanuman Tripathi, CEO, InfrasoftTech, said at a press conference. “We intend to be a $100-million company by 2011; these investments will strengthen our footprint in the UK, Europe, West Asia, South East Asia, Africa, the US and India. The company will accelerate investments in product development, training and to address market needs,” he said.

For the fiscal year ended March 2007, the company registered revenues of Rs 74 crore on a net profit of Rs 12 crore.

Mr Tripathi also said that Baring will pick up a controlling stake in Infrasoft, without divulging further details. However, a source close to the development said that Baring India will have up to 51 per cent stake in Infrasoft by 2007-end. Baring will have three members on the board of InfrasoftTech, Mr Rahul Bhasin, Managing Partner, Baring India, said. Yes Bank was the financial advisor to the transaction.

Infrasoft’s current investors of 12 years, Ms Rashmi Agarwal and Mr Manoj Murarka will continue to stay invested in the company, said a company release.

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