Korean IT firm Yanolja will use funds raised from venture capital fund of Softbank Group to expand business of its Indian subsidiary eZee Technosys, a company official said.
Yanolja raised USD 1.7 billion from SoftBank Vision Fund in July.
“Yanolja, our parent company, in July closed USD 1.7 billion with softbank vision fund. This is going to help eZee to grow its b2b business across the region. Our target is to grow the business 100 per cent year-on-year basis. Yanolja will support us in growth and invest to meet the target,” eZee Technosys CEO Aeijaz Sodawal told PTI.
The company provides end-to-end softwares for hotel and restaurant business management.
eZee Technosys claims to have around 22,000 customers across 160 countries and now plans to strengthen business in select markets with support from Yanolja.
“We are the market leader in India and now we plan to grow our business exponentially here. We have customers spread across 160 countries but we are not the market leader everywhere. Now we will focus on a select market to become market leader …like Malaysia, Indonesia, Philippines, Maldives, Thailand, South Africa and East Africa are priority markets where we want to come in leadership positions,” Sodawal said.
The latest funding for Yanolja will be used in aiding eZee in setting up their research and development department as per need and creating a suitable environment for the same.
The fund will also be used by eZee for acquiring other companies domestically and globally to scale its operations further.
Sodawal said that eZee has around 250 people at present and will add another 200 employees over the period of next 2 years.
“We will hire across all the departments but most of them will be in sales and marketing,” he said.
Without sharing the actual revenue numbers, eZee claims to have increased its client base by 25 per cent and 61 per cent in 2020 and 2021, respectively despite the pandemic.
“Since April 2020 right in Pandemic from where hospitality business has been the worst hit we are able to achieve 179 per cent year-on-year revenue growth in March 2021,” Sodawal said.