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Cambridge Technology Enterprise (CTE) posted revenue of ₹24.37 crore in the first quarter ended June 30 against ₹14 crore in the same quarter last year, registering 74 per cent growth. Net profit grew by about three times to ₹3.3 crore from ₹1.12 crore.
The firm targeted a monthly revenue average of about ₹13.40 crore ($2 million) by the end of March 2017. “We are well on target and hope to achieve the target we set ourselves,” Aashish Kalra, Chairman of CTE, told BusinessLine.
Cambridge BizServe, an arm of CTE, contributed 5 per cent to the revenues of the firm. “Our focus on the convergence of cloud and big data coupled with artificial intelligence and machine learning is yielding good results,” he said.
The firm, which has 350 employees, is investing in start-ups in the US. By 2019, it targets investing in 50 start-ups. “We will help them early on by joining the seed rounds. We are focusing on the technology innovation hubs of Boston, New York and San Francisco. We have already invested in eight start-ups this year,” he said.
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