WinIT Software to raise $5 mn from private equity

WinIT Software, a Hyderabad-based mobile application strategy and development company, is in the process of raising $5 million (approximately Rs 27.5 crore) from private equity to scale up its operations.

“Though the Indian pie is becoming larger and larger, we are missing out an opportunity in some parts of the US and Europe for lack of presence. We are planning to open three offices in the US, two in Europe and one in the Asia-Pacific region to scale faster. We will lead an infusion of funds to do this jump,” Prakash Sreewastav, chief executive officer of WinIT, told Business Standard.

WinIT has roped in investment bankers to help it reach out to PE firms and the company expects to close the deal in the next four to five months, he added.

In the last four years, WinIT has developed over 300 custom-made mobile apps for various domestic and global corporations across verticals on software development kits of iPhone, Android, BlackBerry and Windows. Currently, around 30 per cent of the closely-held company's clients are Indian firms.

A Forrester Research report estimates that enterprise business opportunities for apps will grow vastly over the next four years with corporations spending up to $17 billion in creating apps for their products by working with third-party services and companies that manage these apps.

Stating that the company’s focus now was to achieve non-linearity, Sreewastav said WinIT was trying to enter revenue-sharing deals with its clients.

“We, at present, are chasing significantly-large clients with more than $100 million revenues each. Not just developing an app ... we are looking at providing a long-term mobility road map. This, we expect, will drive our revenues from Rs 13.5 crore last year to Rs 28 crore this year,” he added.