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Hero Group enters IT sector

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CIOL Bureau
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BANGALORE: Automotive major, the Rs 4,000 crore Hero Group has announced it

foray into the information technology sector by investing in FirstRing Inc. of

the US and partnering with another Silicon Valley company, NetContinuum. Both

FirstRing and NetContinuum have announced the setting up of their subsidiaries

in India.

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FirstRing, which is into call center and eCommerce customer care, is planning

to offer a range of customer relationship management services including order

entry, invoicing, customer mail response, online/offline data entry, e-chats and

database management to its international clients. The Hero Group has 30 per cent

stake in the company. NetContinuum specializes in developing high-end hardware

and software systems to deliver multimedia content over the Net. These products

are used by content providers like portals to provide enhanced services over the

Net. The Hero Group has become the first client of NetContinuum in India, which

has set up its development center in Bangalore to develop innovative products.

Speaking about the group’s entry into the IT sector, Hero Corporate

Services Ltd. managing director and CEO Sunil Kant Munjal said, "Though the

group is into automotive business, it has in-house strengths like a customer

focused approach and IT experience in key areas. This gives us the required

strength to become a major player in the IT sector. Our partners add to our

existing knowledge and experience to tap the great potential that the global IT

market offers."

FirstRing, a one-year-old company, has a funding of $5 million. The company

plans to raise another $6 million in its third round of funding in the next two

months. The Hero Group is likely to acquire a stake in the company.

NetContinuum, which has an investment of $9 million as of now, plans to raise

$20 million in the next four months. The company plans to have 150 professionals

and targets $1million in revenues in the coming fiscal.

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