Magnasoft Eyes Double Growth Rate

Bangalore: | Updated: Mar 8 2002, 05:30am hrs
The city-based Magnasoft Consulting Pvt Ltd, having a current turnover of Rs 6.5 to 7 crore, hopes to achieve 100 per cent growth in the coming years with its custom-made applications using GIS systems. The company will be put on the fast growth curve by former Compaq India managing director Abhishek Mukherjee and former Autodesk India managing director S Sridhar.

Mr Mukherjee has joined Magansoft as chairman and CEO, while Mr Sridhar has joined as vice-chairman and managing director. The two have also taken equity in the venture, which was originally promoted by Harmit Kalra two years ago. The expansion plans of the company involving GIS systems is funded by Global Technology Ventures Ltd (GTV).

Speaking to media persons here Mr Mukherjee and Mr Sridhar, however refused to give the details of their investments or the quantum of funding from GTV. “We got the commitment from GTV that they would meet the requirement of the company for the next 18 months.”

Mr Sridhar said the GISGPS-based applications are estimated to have business potential of $20 billion. The applications will have relevance in a wide variety of industries such as telecom, power, logistics, transportation, government agencies, etc.

“There is a huge potential and India could become a real power in this domain,” said Mr Kalra, the founder director of the Magnasoft. According to him at present only five per cent of the global GIS-based business comes to the Indian companies.

The company has developed systems for vehicle tracking, hospital management (covering patient monitoring), real estate management, municipal tax collection, etc.

“In today’s world there is an increasing demand for exploiting spatial information for effective management across enterprises in various industries. Magansoft hopes to bridge the gap between conventional GIS information and its use for development of GIS applications for enterprise-wide migration,” Mr Mukherjee said. The company had already implemented some of its applications in the US, France, UAE, Malayasia, Indonesia, etc., he added.