BackPeople10 raises about Rs10 cr from Ideaworks Partners
The fund is backed by a group of high net worth individuals based in the US, said Nisha Shoukath, co-founder of People10
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Mumbai: Bangalore-based People10 Technosoft Pvt. Ltd has raised about ₹ 10 crore from US-based fund Ideaworks Partners.
“The fund is backed by a group of high net worth individuals (HNIs) based in the US," said Nisha Shoukath, co-founder and managing partner of People10, over the phone.
“The funds will be used for expansion in the US market, sales and marketing initiatives," he added.
The company was founded by Shoukath and Rakesh Dahiya in 2011 with an initial (seed) investment of $500,000. It provides solutions in the field of web applications, mobile apps, cloud-based development and data analytics. The company has operations in Germany, Canada, India and the US.
“We are looking to touch about $5 million in revenue in the current fiscal year and over the next five years, we will be looking at expanding to the West Europe and Australian markets," said Shoukath.
According to software lobby body Nasscom, the rate of introduction of disruptive technologies will continue to be fast. Social, mobility, analytics and cloud (SMAC) technologies are forecast to become an over $1 trillion global market by 2020.
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