Virtual Galaxy Infotech raises Rs 21.44 cr ahead of IPO, to file DRHP soon

Virtual Galaxy Infotech on Tuesday said it has raised Rs 21.44 crore in its pre-IPO funding round from marquee investors.

The company is now gearing up to file its Draft Red Herring Prospectus (DRHP) with the stock exchange to launch its SME IPO, the company said in a statement.

Former RARE Enterprise Managing Director Devnanthan Govind Rajan, ex-director of Electra Partners Asia Fund Jayaraman Vishwanathan, and former COO & CFO of Yes Bank Asit Oberoi are among the investors who participated in the funding round.

Other investors include M Srinivas Rao, former MD at the Bill and Melinda Gates Foundation, India, Umesh Sahay and Abhishek Narbaria, Co-Founders of EFC(I); Darshan Gangolli, former Executive Director at Altico Capital (Real Estate Fund); Abhishek More, Founder and CEO of Digikore Studios; and Amit Mamgain, Senior VP of Equity Sales at AMSEC.

The company has appointed Shreni Shares as the merchant banker for the public offering.

Virtual Galaxy Infotech is a Hybrid SaaS (Software as a service) and enterprise software company with products developed for the banking and financial sector.

It has developed and implemented its core banking solution named 'E-banker' at more than 150 clients, including banks, societies, microfinance companies and NBFCs, as well as ERP and e-governance solutions to government bodies, semi-government organisations, SMEs, and mid-sized corporations.

The 'E-banker' application leverages cutting-edge and mobile technologies, including AI, to deliver advanced solutions. "E-Banker" is a fully web-based, real-time, centralised regulatory compliance platform.

The company has also completed four World Bank-funded projects.