Fulcrum Venture India, focused on early venture and small & medium enterprises, today announced an investment of Rs 8 crore in Congruent Solutions, a specialist service provider in the pension administration industry providing a host of retirement administration and technology development services to various companies in the US, UK and Singapore including Fortune 500 companies.
As part of the deal structure Fulcrum Venture India will hold a 20% stake on a post money valuation of Rs 40 crore. As an integral part of this deal, Fulcrum will have board representation and board advisor roles.
Congruent will use the proceeds to expand its services business and commence commercialisation of COREDC, its proprietary record keeping system (“RKS”). Congruent Solutions has revenue of $3 Million in India.
“Fulcrum along with the management, have outlined an aggressive action plan to be implemented over quarter 3 & 4 of FY13 with plans geared towards Improved billing efficiency and Enhancing net sales. As part of our hands on strategy we have been in regular meetings with the Congruent team during the deal completion to kick start the action plan and have already seen results with Net sales increasing by 31%: a trend we expect to continue going forward,” said Krishna Ramanathan, Founder-Partner, Fulcrum Venture India.
Congruent Solutions through its clients in technology services has developed domain expertise in the area of US pension Industry and is looking to specialize in this segment going forward.
