Sun Tec has its European headquarters in London, US headquarters in Pennsylvania, and is planning to set up its Singapore office this year itself. The company would be entering into direct marketing in a big way deviating from the past policy of aligning with system integrators such as Logica, Cap Gemini, Perot Systems and Tata Infotech.

"This would require more investment in marketing and PR overseas and hence the decision to resort to venture funding," Mr Nandakumar said.

Transaction Business Management System (TBMS), Sun Tec's flagship solution suite has already made its presence felt through marketing alliances in Malaysia, Netherlands, Czech Republic, France, Finland, UK, Germany, Belgium, and USA.

Transtrac, its latest offering has been developed for transaction-based billing over the Internet to enable e-commerce and mobile telephony. Future plans of Sun Tec include opening of design and development centres in Delhi and Bangalore, Mr Nandakumar added. The company achieved a turnover of Rs 8 crore in 1999-00 and expects revenues to touch Rs 65 crore by December 2001.

Sun Tec has plans to tap the capital market with an IPO within 18 to 24 months, he added. Schroder Ventures is funding an IT venture for the first time in the country, though it already has exposure to the Indian healthcare sector through Orchid, Apollo Hospitals, Strides Arcolabs. Schroder is one of the world's largest international managers of private equity with committed capital of over $7 billion, operating in 10 countries. Schroder Ventures Asia Pacific Fund proviees $500 million for direct investment in Asia.