Avaali Solutions to double headcount to 225 people in 18 months

Bengaluru-based Avaali Solutions on Thursday said it will more than double its headcount to over 200 people in 18 months, as it expands to new geographies and scales up business.

Currently, the company has over 100 customers and an employee base is about 90 people.

The company, which is looking at raising external funding, said it also intends to invest USD 5 million in areas such as product development and forging new partnerships.

"We expect to increase our customer base to 250 customers and our employee base to about 225 people across India, Middle East and Europe in the next 18 months," Avaali Solutions Founder Director Srividya Kannan told PTI.

The company will invest in expanding into markets like Europe and the US directly and via strategic partnerships and also plans to penetrate deeper into customer segments in our focus geographies of Middle East and Africa and Asia, she added.

The six-year-old organisation, which has subsidiaries in Singapore and the UAE, offers solutions powered with technologies like information management solutions, optical character recognition, robotic process automation and artificial intelligence, among others.

Avaali plans to invest about USD 5 million in the next 18-24 months on various expansions.

"This will include geographic expansion into the US, Europe and expanding into our existing markets, product development into 'Velocious', and new partnerships as well as investment into technologies like blockchain," she said.

Kannan said the company's customer engagements have been growing by over 50 per cent year-on-year for the past three years. He, however, declined to comment on the company's revenue.

"We plan to build solutions for the finance and accounting, supply chain and audit and compliance processes. In the next five years, we see ourselves as having made an impact across over 1,000 customer organisations in the form of cost reductions and process cycle-time improvement with emerging technologies," she said.

Kannan said Avaali is looking at raising about USD 3 million.

"Valuations are still being discussed and they are looking at strategic investors who are looking at B2B (business-to-business) space in technology, but cannot share the names now," she said.