Celstream gets ICICI Venture funding

BANGALORE: Bangalore-based Celstream Technologies has received an investment

of $6 million from ICICI Venture Funds for an undisclosed equity stake.

Celstream will utilize the funds to expand engineering facilities in Bangalore

and establish product-marketing operations in the US.

Speaking about the investments, Celstream Technologies founder and executive

director Kunal Kashyap said, "While our operations have been cash-positive

since commencement in July, Celstream Technologies has accepted external funding

to accelerate the development of our own products, and meet time-to-market

targets." According to Kashyap, Celstream Technologies has had an excellent

response since commencement of operations and is on track to achieving its first

year revenue target of $10 million.

According to ICICI Venture Funds, this investment is among the largest that

ICICI has made in any privately held company.