For a few dollars more... Planetasia eyes funds

R Ravichandran in Hyderabad

Planetasia.com Limited, part of the Microland group engaged in enterprise solutions and Internet technologies, is attempting to raise under $10 million in the next few months in its second round for working capital requirements.

Speaking with The Financial Express on the sidelines of the India IT Forum, Anand Sudarshan, co-CEO of Planetasia, said “we are open to all kinds of funds whether from domestic or overseas companies.”

However, he said, “we have no plans to divest our stake. Rather, we would increase our equity capital base to accommodate them,” he said. ICICI, Chase Capital, MFs and close associates have invested in Planetasia and are holding close to 40 per cent in the company. Microland holds 45 per cent, he said.

While refusing to divulge the exact amount to be raised, Sudharshan, however, said “It would be less than $10 million. We are working out modalities and it would take at least 3 to 4 months before we finalise plans. We are confident of raising the necessary funds since Planetasia is a profit-making company,” he claimed.

On the company’s strategic shift, he said: ‘‘Our focus would be to move from product development to process management. We have started focusing on SCM, CRM, portal management, insurance and healthcare management sectors,” he said.

Claiming that 15 per cent of the company’s revenues came from Europe he said Europe was one of the growing markets and would expand in a big way in a year’s time.