Compulink of Pune eyes $5 m venture capital funds

The Pune-based Compulink Systems plans to raise $5 million (around Rs 25 crore) through fresh infusion from venture capital funds in the third quarter of the current financial year.

Compulink is a software product company creating solutions for services execution and management. The company had recently received investments from National Venture Capital Fund for Software and Information Technology, set up by the ministry of information & technology.

Vishwas Mahajan, founder and CEO, Compulink said: "Being a product company, we need to invest in a big way continuously. Hence, we are looking for the next round of funding for our expansion plans."

The company is setting up a new software development centre at Rajiv Gandhi Infotech Park, Hinjewadi, Pune. The new facility will be Compulink's primary centre for marketing and IT support services.

"It will act as our global customer support centre for prime software engineering and development," said Mahajan. "It will cater to our current and future clients globally," he added.

Spread over three acres, the centre will go live by March 2005. Mahajan said: "We will invest Rs 10 crore in the first phase, which is expected to be completed by March 2005. The total capital expenditure for all the three phases would be to the tune of Rs 25 crore. It is being funded by a mix of equity, reserves and debt in addition to a Rs 4 crore venture capital funding from SIDBI Ventures."

The total built-up area after the completion of the three phases would be 1,20,000 sq ft. The new campus will have a capacity to seat 350 IT professionals, of which 225 will be hired in phase I.

Compulink's new product support centre will be equipped to provide its customers flexible support packages from earlier 8X5 model to 24X7 for consulting, operational support as well as customisation of its flagship product - ProjectByNet.

Mahajan further added that Compulink has licensed ProjectByNet and other products to customers in Thailand, Singapore, Hong Kong and Dubai as part of company's strategy to expand its overseas customer base.

Current ProjectByNet has installed base of over 13,000 users consists of prestigious organisations such as Accenture, Atos Origin, Datamatics, Geometric, MphaSiS and others.