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.