Balakrishnan joins Clonect Board

Former Infosys CFO V Balakrishnan has joined the board of Clonect Solutions Private Limited, a city-based Software Company focusing on products in governance, risk and compliance management (GRC), the company announced today.
Founded by two former Infosys employees, Balaji Rao and Shailesh Agarwal, Clonect has raised around USD 2,50,000 as Angel investment including investments from Balakrishnan and T V Mohandas Pai, both former CFOs of Infosys.
It said B C Prabhakar, a senior Advocate with specialisation in labour laws and former member of the board of Wipro Limited, has also made his first angel investment in the firm.
"We have currently around twenty people strong team who come both from technology as well as from domain background. Seed capital that we have got, primarily we would like to invest into sales and marketing as well as in the product development side," Clonect Co-Founder & Director Shailesh Agrawal told reporters here.

Talking about business plans, he said the company wanted to start with the domestic market and after establishing its presence would foray overseas.
To a question on how long the company can sustain with this funding, Agarwal said, "We have already implemented our product in about 10 companies, revenue has started coming in, and this money will definitely give us boost for next fifteen to eighteen months even if we don't get any revenue."

"I'm sure we will have more revenue coming in future months and we will grow much faster," he added.
Clonect has built a 'Compliance ERP', a technology platform helping organisations to address the risk of non compliance, company officials said.

They said 'ricago' platform is a suite of products which are tightly integrated but loosely coupled and at the core of this compliance ERP is 'ricago Compliance Management System, a module which handles end to-end compliance requirements.
Stating that the regulatory environment is becoming more and more challenging after the 2008 financial crisis, Balakrishnan said: "There are onerous regulations all across the world; ....So I think Clonect is trying to fill a unique space, with a unique product and with proper mentor-ship and support Clonect will become one of the largest home grown product company in India."
He said "the aim is to become close to hundred million dollar by 2020. The opportunities are huge and I think if they play it well they will create a great product company out of India."

Clonect also announced the launch of 'ricago Insider Trading Management System (ITMS), the second product in the ricago suite. Ricago ITMS in an enterprise-class web application which can automate and address the challenge of complying with regulatory requirements specific to insider trading.
The company also announced that Suryodaya Microfinance has become the first company in the BFSI sector to implement 'ricago CMS' built by them.