Avekshaa raises $500,000 from Karnataka IT Venture Capital Fund

Will use the funds to expand into US, Australia markets

Bangalore-based Avekshaa Technologies, an architecture-led IT consulting and services startup floated by former senior executives of Infosys, has received a $500,000 (a little over Rs 3 crore) venture capital funding from Karnataka IT Venture Capital Fund (KITVEN) for an enterprise valuation of $8 million.

“We will use the funds to further expand in the US and Australian markets, which we forayed into earlier this year, besides strengthening our presence in India,” said Rajinder Gandotra, founder and CEO of Avekshaa.

Stating that the company will target the globally-growing digital commerce market, Arun Ramu, co-founder and director of Avekshaa, said close to 75 million devices were expected to be connected to the Internet by 2020 and omni-channel multi-device retailing was the new norm.

"We aim to become the global market leader in the niche P-A-S-S (performance, availability, scalability and security) assurance space over the next five to six years targeting revenues of $100 million, from $2 million now," Gandotra said.