Jaipur, Rajasthan, India
TechAxes and Rajasthan Venture Capital Fund (RVCF) announced today the signing up of agreement for early stage funding to TechAxes - a Business Intelligence and Analytics software vendor focused on BI product space. The funding will be in the form of equity as well as optionally convertible debentures (OCD's). RVCF (Rajasthan Venture Capital Fund) is managed by a private sector asset management company in which RIICO and SIDBI are the major shareholders. TechAxes offers business intelligence and analytics software, providing companies with one complete solution for their many analytical needs. TechAxes web on demand Dashboards, Query, Reporting and Analysis in a unified architecture allows end users to access and view their organization's data from anywhere on the globe and analyze meaningful information with ease.
According to Mr. Girish Gupta, CEO RVCF - Development of the product in India right from day one, has helped TechAxes build value proposition which will be hard to match by other BI vendors in BPM and Finance analytics space at the top end of BI value chain. Furthermore, he thinks that the domestic markets will be benefited from the rich global experience and background of Mr. Sanjay Harpavat, CEO TechAxes who has spent more than ten years in the BI space in the US marketplace, and it will help Indian companies adopt global best practices in financial consolidation and reporting.
Mr. Sanjay Harpavat, CEO TechAxes, added "Starting in India makes tremendous business sense as globally it is one of the fastest growing Business Intelligence market today. Besides, availability of funding in the home state has worked as a booster to our efforts in moving forward. Funding from RVCF is an endorsement of our capabilities as a team and our plans to grow as an upcoming enterprise from Rajasthan, India into the global BI marketplace". He strongly believes that the TechAxes BI suite will offer businesses an unparalleled value proposition in terms of high-performance, high-definition business analytics solution at the lowest TCO.
According to the recent Frost and Sullivan study of the BI Application Software Market 2005 and beyond, the Indian BI market is pegged at $ 47.4 million with a revenue potential of $ 68.8 million by 2007. The report states that the Indian BI market is coming out of its immaturity stage, and the next three years' forecast predicts that the market would be in high growth trajectory. Also, as per a recent survey by Gartner, Corporate Performance Management (CPM), used interchangeably with the term Business Performance Management (BPM), will be the area of BI that gets the most attention from companies.
As an enhancement to traditional BI Framework, TechAxes offers a unique Integrated BPM solution (IBS) framework by introducing a finance centric model linked to all functional modules. TechAxes IBS framework helps integrate all processes with strategy and builds powerful foundation for enterprise wide performance management. TechAxes BPM verticals include Banking, Financial Services, IT Enables Services, Retail and focus will be placed on high growth areas like Telecom in the near future.
Unlike other BI vendors and industry pricing trends, TechAxes offers a unique pricing model to its customers. Clients will have the option to choose Planned Complementary Consulting Services (PCCS) along with Product licensing. This pricing approach will give customers an unwritten guarantee to assess and bring down TCO during the complete BI lifecycle. He added that the customers are really looking for simple, quick-to-deploy and reasonably-priced solutions and TechAxes provides just that by offering low-risk, immediate ROI solutions to the clients.
Armies need intelligence to win the war in battlefields and businesses are no different from battlefields. Fortune 500 companies use Business Intelligence tools as weapons to win in hyper competitive marketplace. India Inc needs to think beyond ERP and move into BI to manage growth and improve the bottom line. India Inc was traditionally price conscious and used to generally avoid costly BI tools. However, in recent times, it has learned to embrace new technologies and demonstrated its capabilities to compete with any one and anywhere on the globe.
About RVCF
The Rajasthan Venture Capital Fund (RVCF) aims at investing in companies in India with focus on Rajasthan and NCR such as Delhi, Gurgaon and Noida. The Fund's investment in companies is through the route of equity, quasi-equity and debt instruments. RVCF is being managed by a private sector Asset Management Company, Rajasthan Asset Management Company Pvt. Ltd. (RAMC) having RIICO, SIDBI, Private Sector IT companies, Bank of Rajasthan and employees as the share-holders. RVCF which is operating out of Jaipur has already committed its First Fund in IT and Retail sectors and is raising Iind Fund with a corpus of Rs 100 crore.
About TechAxes
TechAxes offers business analytics software, providing companies with one complete solution for their many analytical needs. TechAxes web on demand Dashboards, Query, Reporting and Analysis in a unified architecture allows end users to access their organization's data from anywhere on the globe and view meaningful information with ease. TechAxes Integrated Analytics Solution and efficient use of Service Oriented Architecture (SOA) makes it much more versatile by getting customized to the end users requirements of integration, scalability and performance. TechAxes packaged analytical solutions covers multiple domain verticals - BFSI, Telecom, IT/ITES, Manufacturing and Retail.
For additional information about TechAxes™ BI suite, visit our website at www.techaxes.com
RVCF Contact Person:
Mr. Mahendra LodhaVice President (Investment)
Rajasthan Asset Management Co. Private Ltd.
414, RIICO Wing, Udyog Bhawan, Jaipur.
Phone: +91 0141-5113225/ +91 98290-66878
TechAxes Contact Person:
Mr. Arvind Iyer
#121 Hosur Main Road ,Madiwalla, Bangalore - 520068
Tel : +91 080 64500673 - 75Mr.
email: aiyer@techaxes.com
Jai Kumar
#10 Vivek Vihar, Near Gandhinagar Rly. Station,
Jaipur - 302015
Tel : +91 0141 2700586, 2706812
email: jkumar@techaxes.com
Source: TechAxes (Business Wire India)
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