Virtual Galaxy Infotech raises Rs 21.44 cr ahead of IPO
Virtual Galaxy Infotech is a prominent hybrid SaaS (Software as a Service) and corporate software provider. The company specializes in creating advanced solutions for the banking and financial industries. With a strong portfolio that includes core banking solutions, ERP systems, and e-governance software, Virtual Galaxy Infotech has established itself as a prominent player in the market.
Pre-IPO Funding Round Details
On Tuesday, Virtual Galaxy Infotech said that it has raised Rs 21.44 crore in its pre-IPO investment round. This infusion of funds will help the company launch its SME IPO, setting the path for future development and expansion. The participation of several well-known investors drew attention to the investment round.
Key Investors Involved
The funding round saw participation from several prominent figures:
- Devnanthan Govind Rajan: Former Managing Director of RARE Enterprise.
- Jayaraman Vishwanathan: Ex-director of Electra Partners Asia Fund.
- Asit Oberoi: Former COO & CFO of Yes Bank.
- 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.
- Abhishek More: Founder and CEO of Digikore Studios.
- Amit Mamgain: Senior VP of Equity Sales at AMSEC.
Their involvement brings a wealth of experience and credibility to Virtual Galaxy Infotech, reinforcing investor confidence in the company’s future prospects.
Upcoming SME IPO Plans:
Virtual Galaxy Infotech is prepared to file its Draft Red Herring Prospectus (DRHP) with the stock exchange, which is an important step toward launching its SME IPO. The firm has engaged Shreni Shares as the merchant banker for its public offering, assuring a smooth and successful transaction.
Virtual Galaxy Infotech’s core products
The company’s flagship product, ‘E-Banker’, is a comprehensive core banking system used by over 150 clients, including banks, societies, microfinance institutions, and NBFCs. ‘E-Banker’ is a fully web-based, real-time, centralized regulatory compliance platform that uses AI and mobile technology to deliver innovative solutions.
In addition to ‘E-Banker’, Virtual Galaxy Infotech provides a range of ERP and e-governance solutions geared to the demands of government bodies, semi-government organizations, SMEs, and mid-sized corporations.
Technological Innovations
Virtual Galaxy Infotech distinguishes out due to its utilization of cutting-edge technology. The ‘E-Banker’ software, for example, uses AI to improve its functionality and efficiency. This inventive strategy assures that the company’s products remain at the cutting edge of technical innovation.
Client Base and Market Reach
The organization has an amazing client base, serving a wide range of industries. Its primary banking system, ‘E-Banker’, has been successfully adopted at a number of financial institutions. The company also offers ERP and e-governance solutions to government agencies, semi-government organizations, SMEs, and mid-sized businesses, greatly expanding its market reach.
Successful Projects and Collaborations
Virtual Galaxy Infotech has a proven track record of successfully executing large projects, including four World Bank-funded programs. These projects demonstrate the company’s capacity to provide large-scale, high-impact solutions that fulfill rigorous international requirements.
Future Growth Prospects
With the proceeds from the pre-IPO transaction, Virtual Galaxy Infotech is well-positioned to capitalize on emerging market possibilities. The revenues will be used to fund the company’s working capital requirements, capital expenditures, and other general business reasons, thereby promoting future growth and expansion.
Conclusion
Virtual Galaxy Infotech’s successful pre-IPO investment round and upcoming SME IPO are key milestones in the company’s development. With a strong portfolio of innovative products, a varied client base, and the support of important investors, Virtual Galaxy Infotech is prepared for ongoing growth and success in the competitive digital scene.
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Source: BS