Mindlogicx Infotech to raise $10 mn

Bangalore-based Mindlogicx Infotech Ltd, an R&D-based virtual knowledge management and delivery solutions company, is looking to raise $10 million to fund expansion.

The five-year-old company, which has completed the development of its core product platform, known as VEDAS (virtual education delivery and assessment system), is in the process of expanding its business.

The company aims to use the fresh funds to undertake brand building, scale up operations and marketing. It is in the process of appointing master franchisees across the country over the next one year.

Suresh Elangovan, CEO & MD, Mindlogicx, said, “We have completed the product development and are getting into the commercial mode. We have already signed up some key customers like Anna University, Delhi Public School, Punjab Technical University in the country and are looking at market overseas for expansion.”

Mindlogicx recently raised Rs 15 crore as debentures, which it is planning to convert into equity. “We need more money as we are set to expand overseas. We have started preliminary negotiations with a couple of private equity firms for raising additional funds,” he said.

The company is planning to set up offices in West Asia, South Africa and the US.

“We are in the final stages of negotiations with a university in Dubai and hope to sign a deal with them during the next few days. We are also in active talks with several other universities in South Africa and the US,” Elangovan said.

The company is also planning to increase its headcount from the present 120 to over 350 in the next two years at its development centre in Bangalore.

Mindlogicx also undertakes large turnkey projects for corporates for setting up virtual learning framework.

The company recently launched an online finishing school to train final year college students across several streams before they start looking for jobs. The programme targets students in science, commerce, engineering and management disciplines.