Yodlee to invest $30 million in India

BANGALORE: US-based Internet company Yodlee Infotech Pvt Ltd, which started product development in India as early as 2000, plans to invest over $30 million into its Bangalore center in the next five years.

Announcing this today, Peter Hazelhurst, senior VP, engineering, also said that the company intends to sign up with Indian customers this year.

Yodlee has developed products related to personal finance, wealth management, risk management and market research, which help retail consumers manage their finances, pay bills and check their accounts online. Major US financial firms like Charles Schwab, Bank of America, Fidelity, American Express, AOL and others are some of its customers.

The company has development centers at its headquarters in Redwood City and Bangalore. The latter is involved in the whole lifecycle of the product from product definition, development, testing and release to customer and technical support.

Hazelhurst said that the company expects to ramp up the present employee headcount in Bangalore that stands at 150 to 300 in the next two years. And also step up sales and marketing efforts in the country.

The company modified its business following the dotcom bust from being a mere web aggregation company to become a products and services company.

Investors like Warburg Pincus, IVP, Accel Partners and S1 back Yodlee, which hopes to become profitable this year.