Cnergyis plans $3-5-mn expansion, in acquisition talks
Cnergyis, a leading player in the human resources, payroll and compliance solutions and services space, plans to invest $3-5-million in the next 6-8 months for its expansion.
By PTI |
MUMBAI: Cnergyis, a leading player in the human resources, payroll and compliance solutions and services space, plans to invest $3-5-million in the next 6-8 months for its expansion.
The company is also open to inorganic expansion and is currently in negotiations for acquiring a domestic company in the same space.
"We have aggressive expansion plans. We plan to invest around $3-5-million in the next 6-8 months to fuel those. In addition, we will also use the acquisition route to expand," Cnergyis' Founder and Managing Director, Prasad Rajappan, told reporters here.
Cnergyis offers end-to-end solutions for payroll, provident fund, human resources and software solutions to corporates and governments.
The company plans to develop new and innovative user-friendly products and expand its office-network by entering new geographies.
"We plan to invest about 30 per cent in product development, 30 per cent in opening offices in new geographies, 15-20 per cent in quality and processes and the rest on hiring new talent," Rajappan said.
The amount would be raised through a combination of debt and equity, he said.
Recently, private companies and individual investors had invested $1-million in Cnergyis.
"We have received funds worth USD 1-million from private equity firm, Erasmic Venture Fund, a group backed by Google, and Mumbai Angels plus a group of individual investors," he said.
However, he declined to share details of the stake which the investors have taken in the company.
Cnergyis's turnover last fiscal was Rs 2.3-crore while this fiscal it hopes to more than double it to around Rs 5.2-crore, Rajappan said.
The company is also open to inorganic expansion and is currently in negotiations for acquiring a domestic company in the same space.
"We have aggressive expansion plans. We plan to invest around $3-5-million in the next 6-8 months to fuel those. In addition, we will also use the acquisition route to expand," Cnergyis' Founder and Managing Director, Prasad Rajappan, told reporters here.
Cnergyis offers end-to-end solutions for payroll, provident fund, human resources and software solutions to corporates and governments.
The company plans to develop new and innovative user-friendly products and expand its office-network by entering new geographies.
"We plan to invest about 30 per cent in product development, 30 per cent in opening offices in new geographies, 15-20 per cent in quality and processes and the rest on hiring new talent," Rajappan said.
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The amount would be raised through a combination of debt and equity, he said.
Recently, private companies and individual investors had invested $1-million in Cnergyis.
"We have received funds worth USD 1-million from private equity firm, Erasmic Venture Fund, a group backed by Google, and Mumbai Angels plus a group of individual investors," he said.
However, he declined to share details of the stake which the investors have taken in the company.
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Cnergyis's turnover last fiscal was Rs 2.3-crore while this fiscal it hopes to more than double it to around Rs 5.2-crore, Rajappan said.
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