Ivega Corp. secures first round VC infusion

BANGALORE: Bangalore-based Ivega Corporation, an IT solutions and consulting company, has secured the first round of venture capital investment from Sivan Securities Ltd. According to the company, initial funding of Rs 10 crore will be used for internal growth, both in India and the US. Ivega, which started its operations in Bangalore in 1997 focusing on providing software applications and consulting for the global financial markets, began with an initial capital of Rs 2.5 lakhs.

Speaking on the occasion, Ravi Ramu, who recently joined Ivega from KPMG as Chief Financial Officer, said, " As Ivega moves to the next level of development, our investment in infrastructure, resources and people would be critical to our ambitious growth plans. This capital infusion would be directed towards these areas to give us a competitive edge over major players in the industry."

Speaking about his future plans, Giri Devanur, CEO, Ivega Corporation, told that his company is looking out for an acquisition in the US. He said that the acquisition would be for technology expertise. With nearly 200 people on its rolls, it is expecting to end this financial year with a turnover of Rs 25 crore. The company has offices in San Francisco, New York, Toronto, London and Bangalore.

V G Sidhartha, Managing Director, Sivan Securities Ltd, who was present at the occasion,

said "Venture capitalists today look to invest in young and promising companies who can anticipate the latest business and technology trends. We believe that Ivega's business model will give them a competitive advantage in this new-age business environment." As of now, Sivan Securities Ltd has invested in 17 companies.