The Hindu Business Line : Neilsoft eyes clients in domestic market

Pune, Aug. 5 Revenue target of Rs 85 crore, entry into the domestic market and a second round of funding is the roadmap that has been chalked out by Neilsoft, engineering and technology solution player.

Talking to presspersons, Mr Ketan Bakshi, Chairman and Managing Director, Neilsoft, said the company which had clients in the US, APAC and Europe markets is now targeting clients in the domestic market. The company is looking at building sectors, transportation and software verticals.

He noted that it hoped to see 10 per cent of the services revenue coming from the domestic market for the current year and 20 per cent for the next fiscal.

Mr Ketan said for 2007-08, the company is targeting from the solutions business, a contribution of 35 per cent to the total revenues and 65 per cent from services. He said last fiscal, the solutions business contributed 20 per cent.

The company has recorded a revenue of Rs 65 crore for the fiscal ended March 2006 and is targeting Rs 85 crore for the current fiscal.

Mr Ketan said the company was also in the process of going for a second round of funding and was looking at a funding ranging between $7 million and $9 million. It may be recalled that its first round of funding was to the tune of $1.5 million.

Mr Ketan said the company had also taken a majority stake (60 per cent) in an industrial plant design and digital factory design company in Germany.

This would act as a joint venture between Neilsoft and Triplan AG and is estimated to contribute Rs 15 crore to the topline in 2007-08.