iSeva gets $8m. funding from e4e

BANGALORE: iSeva Inc., the US-based eCRM start-up floated by Indian techies, has received $8 million investment from e4e as a part of its first round of funding.

iSeva provides end-to-end Customer Relationship Management solutions, including CRM business consulting, technology implementation and customer contact center in the US. The company intends to deploy the funds for expanding its sales and consulting teams in the US market, besides augmenting the technology and operations facilities. Speaking about the company, iSeva CEO Gagan Sharma said, "We are in the process of finalizing orders with two major banks in the US as our first two customers, and hope to rope in five to six clients during the year. The game plan is to generate $5 million revenues by the third quarter of the ensuing fiscal year and break even by the fourth quarter of 2001."

As a co-entrepreneur, e4e will provide domain expertise, human resources and operational logistics to offer infrastructure services in the US market for iSeva. Started with a seed capital of $500,000, iSeva operates in India and the US with a sales, marketing and consulting office in New Jersey. It has also set up its Indian operations in Bangalore for back-end interaction and development support. Currently, the company is targeting the banking and finance segment for its solutions.