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| Distil Info eyes $5 million in PE funds, to ramp up sales, mktg |
| K Rajani Kanth / Chennai/ Hyderabad Aug 20, 2010, 00:18 IST |
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Distil Information Systems, a provider of decision-support systems (or collaborative business intelligence) to manufacturing and retail sectors, is planning to raise a second round of PE fund to the tune of $5 million (approximately Rs 24 crore) by early 2011 calendar for ramping up its sales and marketing efforts in multiple geographies.
“Our focus right now remains in India and West Asia, and we plan to expand big time into the Asia-Pacific region, Europe and the US, when our new product line for healthcare will be released in the latter half of next year,” Boby Mohan, joint executive officer and business head of Distil, told Business Standard.
The Chennai-based startup had received $1-million (Rs 4.7 crore) angel fund from high networth individuals in the West Asia region last year. It is planning to address the healthcare providers space (both hospitals and physician groups) predominantly in the US, West Asia and Europe, where meeting regulatory requirements and compliance with norms are mandatory, with its suite of decision-support systems.
Mohan said the company currently had seven customers across the counter, including Creative Portico, which manufacturers and retails premium bed, bath and kitchen furnishings under the Portico of New York brand, and ATME Consulting, a multi-business group in Kuwait. “We have about 12 clients in the pipeline, which are expected to be qualified this year, with a 70:30 split between manufacturing and retail (which also includes malls),” he added.
According to a Gartner report, the global market for business intelligence solutions is projected to reach $11 billion by 2014 from $6 billion in 2011, while the Indian market, which is growing at a 12 per cent compound annual growth rate (CAGR) will touch $100 million during the same time.
Quoting the report, Mohan said though the market was growing in India, deals were falling as BI was slowly moving from a service-oriented solution to a commoditised and productised-version.
Stating that while the retail industry in India had always been very technology-savvy and retailers are ensuring that the technology they want is somehow made feasible with the budgets they have, Mohan said mall analytics (under the retail banner) was the need of the hour.
“Rentals are now on a revenue-sharing basis for retailers and mall owners. Unless there is a clear idea about what the sale is, any loss of revenue from that aspect becomes a huge factor. Also, parking is a huge source of revenue, especially on weekends, and mall owners are now looking at optimising parking,” Mohan said.
The company was expecting revenues of Rs 2.5 crore this financial year and Rs 12 crore in the next, backed by its increasing sales efforts and acceptance for its solutions, he said.
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