Business Daily from THE HINDU group of publications
Friday, Jun 13, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Jun 13, 2008 ePaper | Mobile/PDA Version | Audio |
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Info-Tech
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Venture Capital Cnergyis gets funding from Erasmic, Mumbai Angels R. Savitha Pune, June 12 Cnergyis, player in providing HR software-as-a-service (Saas) plus service model, has received funding from Google-backed Erasmic, Mumbai Angels and a group of individual investors. Talking to Business Line, Mr Prasad Rajappan, Founder of Cnergyis, said this is the first round of bridge funding close to $1 million and the company was looking for the Series A in the next six-eight months to the tune of $3-5 million. The funding will be used for geographical expansion, enhancing the technology platform and process improvements, he said. The company which processes 1.4 lakh employee records per month, plans to cater to 50 lakh employees in the next four years. Currently, Cnergyis caters to large organisations having people spread across 400 locations in the country and are planning a separate focus on the SMB market by aligning with existing payroll service providers, he said. Asked about the market size of SaaS, Mr Prasad pointed out that the IDC Report had stated that 10 per cent of the enterprise software would migrate to a pure SaaS model by 2009. target segment“Today the trend is that even large organisations are keen to move out from large ERP/in-house developed solutions and adopt the SaaS plus service model. The expected CAGR for the HR processes in the country is about 23 per cent” he said. Looking at the target segment, Mr Prasad said that Cnergyis is currently focusing on large organisations, wherein people churn is high and the process complexities are large. “Most of new customers acquired in the last two-three months are all having more than 2,000 to 5,000 employees each with spread across India.” In terms of grouping there are three separate teams each focusing on BFSI, manufacturing/pharma and retail. SMB is being targeted as another growth area through integration with existing players. More Stories on : Venture Capital | Software
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