Induslogic is exploring the possibility of locating centres in Shanghai to tap the Chinese market and also Kiev in Ukraine.
V. Rishi Kumar
Hyderabad, Oct. 31
INDUSLOGIC, product engineering solutions provider, has charted out plans for expansion that would see the company investing about $20 million in India by next year.
The Chief Executive Officer of Induslogic, Mr Peter Harrison, on a visit to India, told Business Line "IT product engineering is rapidly expanding with more companies eyeing the outsourced option. Given the market potential, we expect to ramp up operations both organically and inorganically."
"Organically, the company, which has about 700 people, expects to grow to 1,000 people by March and double that number by next year. Inorganically, we are looking at acquiring a couple of companies within product engineering area by the end of this year," he said.
The company is also looking at the option of locating two more centres in India and has short-listed Hyderabad, Chennai and Pune. Soon one centre would be operational, he explained.
While about 90 per cent of the operations are handled out of India, given the market potential, Induslogic is exploring the possibility of locating centres in Shanghai to tap the Chinese market and also Kiev in Ukraine. The Shanghai operations would commence next year, he said.
Referring to IT engineering services, Mr. Harrison said, "Outsourced development centres are re-defining the way engineering services are provided right from concept to development, support and maintenance. The sector is witness to rapid growth."
The company has recently inducted the services of Mr Mukul Jain, as the Chief Operating Officer, an industry veteran, who comes from HCL.
"The expansion would be fuelled through cash and equity. The company is well-funded with Draper Fisher Jurvetson (DFJ). Should we require additional funding, we would not hesitate for additional round. We may also consider the option of tapping the market next year," Mr Harrison said.