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Sanovi gets $5 mn from Betul Oil Group

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CIOL Bureau
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NEW DELHI, INDIA: Sanovi Technologies India Private Limited, IT disaster recovery management company, has received investments from Betul Oil Group, to expand the sales presence of the Sanovi DRM product in the market and increase its R&D activities. 

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Betul Oil Group will invest up to $ five Million on expanding market reach for Sanovi and furthering R&D in Sanovi products. Sanovi is looking to extend its market leadership in India and expand its presence in the Middle East and APAC region. Betul sees this as a strategic investment and their entry into the software sector.

Betul Oil Ltd. a leading company of the Betul Oil  group, is engaged in solvent extraction, refining of edible oils, manufacture and trading of de-oiled cakes, animal feeds, specialty ingredients and development of hybrid seeds that extract oils. Betul Oil also procures crude oil from third parties and retails refined edible oils. 

Shreans Daga, Managing Director of Betul Oil Ltd, says "We are very excited about the development. We have been looking for a suitable opportunity to invest in IT. Disaster Recovery is a hot area and the addressable market size is large. We have known Chandra and other key team members for quite a few years now and are impressed with their knowledge of the market and in how far they have grown the business. Sanovi’s product is running at several marquee customers across India and Middle East. We believe this is a huge opportunity for us. This investment helps us enter into the attractive software product business."

The financial year 2010 has proved to be the most consistent year for Sanovi Technologies and it has ended in the black. The company is forecasting Rs.100 crore revenue targets in the next three years. Chandra Sekhar Pulamarasetti, one of the founders of Sanovi Technologies, has taken over as CEO of Sanovi Technologies, added a press release.

Chandra says "Disaster Recovery Operations are very complex and completely manual today with no visibility into SLA compliance.  With increasing threats globally, organizations are actively looking to deploy resilient DR programs. Sanovi solutions have significantly simplified DR operations for customers. Sanovi solutions provide CIO the assurance that their DR infrastructure will work when required. Currently, we are experiencing a strong demand for our products and are looking to expand into other markets outside India. "