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Follow UsBANGALORE: After gaining traction in the Indian market, 24x7 Learning that provides eLearning solutions for Indian enterprises, plans to expand its footprint in the US and EMEA markets.
The company today announced that it closed funding from Karnataka venture fund outfit KITVEN and two individual investors - Anil Garg, a Silicon Valley entrepreneur and Arun Sinha, an international marketing guru.
While Karthik KS, founder and MD, 24x7 Learning, did not divulge the details of the strategic investment, he said that the company hoped to pump in $10 million over the next two years towards expansion.
The company is the market leader in the emerging e-learning market in India which has other players like IBM and NIIT. 24x7 Learning counts 61 enterprises across various verticals among its clientele, which includes Wipro, Ashok Leyland, Accenture, Bharti TeleVentures, JP Morgan and Convergys.
The company's expansion plans include retaining and expanding its existing client base, extending its reach in new markets and targeting verticals like academia, government, retail, insurance and pharma, offer on-demand learning services and mobile learning services. “In India, we want to expand the reach of our solutions, open more offices and increase our sales force to tap the market which is growing at over 100 percent annually,” said Karthik.
24x7 Learning hopes to enter new markets through partnerships as well as through mergers and acquisitions. In lieu of its plans to go global, the company is also investing in sprucing its branding by inducting international marketing Guru Arun Sinha on the company board. Globally, the company would compete with the likes of Sumtotal, IBM, SkillSoft and Saba.
The company's revenues stand at around Rs 7.5 crore and Karthik said that he expects a growth of 200 percent this year. The company is targeting $12 million in revenues in the next two years. Part of the expansion plan also includes increasing the company's Bangalore team headcount from 25 to 55 in the next two months.