Avekshaa gets funding from Karnataka IT Venture

| Updated on: Dec 09, 2014
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Avekshaa Technologies, an IT start-up company backed by former Infosys CFO V Balakrishnan, has chalked out aggressive growth plans.

The Bengaluru-based start-up has received a funding of $500,000 from Karnataka IT Venture Capital (KITVEN) to expand into markets such as the US and Australia, company officials said. This increases the enterprise valuation of the company to $8 million, officials added.

Further, in line with these growth plans, the company has roped in Prof S Sadagopan, Director of International Institute of Information Technology-Bangalore (IIITB) and former India head of software security company Symantec as advisors to its Board to give it an extra edge in bagging outsourcing deals, around digital commerce space.

Avekshaa, which was founded in 2012 by former Infoscions, has grown almost 200 per cent in the last fiscal and in line with this growth has set an ambitious target of achieving $100 million by 2020.

“The future of outsourcing would be around companies that can solve business problems of users, build Intellectual Property are nimbler rather than putting bodies to work will succeed,” V Balakrishnan, member of the Board, Avekshaa, told BusinessLine .

The company, with this recent funding, wants to get into Fortune 500 clients in the US and companies in Australia

According to analysts, $73 billion is lost globally due to badly performing technologies, resulting in loss for organisations and headaches for users. For this, companies like Avekshaa are telling their customers that technology implementation will have to change. “Till now, software was tested in parts and complete performance with more usage was not paid not much attention,” said Rajinder Gandotra, co-founder of Avekshaa.

Industry watchers are upbeat about the prospects of the company going forward. “A disruption is needed in the way Indian outsourcers bag deals and more of the old style pitching will not work,” said Sanchit Vir Gogia, Analyst, Greyhound Research.

According to Goel, Avekshaa’s fixed price and outcome-based pricing model with attractive pricing would see more companies opt for its solutions. Already, the company cites HP, CA and Infosys as its partners.

Published on December 09, 2014

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