agencyfaqs! News Bureau
Chennai-based multimedia and web content developer company Avigna Technologies received its second round of fund injection recently. Dollar 65m venture fund Chrysalis Capital has picked up close to 20 per cent equity stake in the company. This is the second round of funding for this three and a half-year-old end-to-end integrated web services firm. Last April, Intel picked up about 20 per cent stake in the company and then ICICI Venture picked up another 10 per cent.
Avigna's currently has an equity base of Rs 60 lakh. Shobha Ponnappa, managing director and CEO, Avigna Technologies, said that the company has received a fresh investment of Rs 10 crore from the venture fund. The funds will be used predominantly for Avigna's plans to make inroads into the US market. The company plans to set up two offices in the US - New York and in the Silicon Valley.
The company also plans to treble its employee strength in the next three months to take the tally to 250 from the current 85 people - and then to 2,000 by the next year end.
For Chrysalis Capital, this is the tenth investment in India in the last six months, but the first in Chennai. Raj Kondur, director, Chrysalis Capital told reporters that Avigna has the potential to become a global leader in this segment. "What differentiates
Avigna is the creativity, passion and excellence of the people at the company. Companies across the world are investing significant resources towards building a brand on the Internet. By leveraging their cutting edge skills and our network of relationships, Avigna will capitalise on this tremendous global opportunity," Kondur added.
Avigna holds about 80 per cent of corporate India as a budding clientele in the areas of multimedia and multimedia enriched web content. Its clients include Unilever, Ford, Smith Kline Beecham, Pepsi, Kelloggs, Bacardi-Martini, WWF, Virgin Records, MRF, Funskool, Star TV, MTV, among others.
Thanks to the backing from Chrysalis Capital, Avigna is now in talks with several corporates in the US, including a Big Five
global consultants. "Our strategy is to provide end-to-end integreated web solutions by making four breakthroughs in business model, concept, execution and technology," said Ponnappa. "We now aim to become the number one global player in this niche segment," she added.
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