BANGALORE,INDIA: Comat Technologies, a provider of information services, today announced that it has received an investment of Rs 60 crore from Omidyar Network, an investment firm and the Unitus Equity Fund, a private equity fund.
The investment would enable Comat to expand to new States, accelerate service delivery for training and financial services, strengthen management bandwidth and enhance its brand, said a press release.
“The infusion of funds from international, like-minded investors provides us singular focus and direction to benefit and transform the lives of rural citizens,” said Sriram Raghavan, chief executive officer, Comat Technologies.
“The fact that we have already touched one million farmers in the state of Karnataka alone validates that what we have embarked on is not an experiment, but a proven, scalable and transformational business model,” he added.
Comat focuses to delivers information-based services to rural citizens in India through its wholly owned network of ICT-enabled rural business centers, the release said.
It focuses to expand its service to 6,800 rural business centres from 1,100 centers, across 10 Indian states – Uttar Pradesh, Uttarakhand, Tripura, Sikkim, Karnataka, Haryana, Rajasthan, Gujarat, Maharashtra and Madhya Pradesh.
“Omidyar Network is truly excited that our first direct investment in India is with Comat, a company motivated by its impact,” said Matt Bannick, managing partner, Omidyar Network.
“Omidyar Network’s funding will enable Comat to reach hundreds of thousands of new rural customers, providing them with access to products and services that can improve their lives,” he added.
“We are excited to work with Comat in our first non-microfinance investment since we began investing in 2006. This investment signifies our expansion beyond microfinance and confidence in emerging market social entrepreneurs,” said Sandeep Farias, managing director, Unitus Equity Fund.
The statement reported that the centers would act as a last mile solution for delivering employability training, education, insurance, finance and essential government services in a predictable and efficient manner to rural customers.