CoOptions plans $15 mn expansion

Hyderabad-based CoOptions Technologies Limited, which was recently adjudged as the best e-Governance company by the Computer Society of India (CSI) for its multi-functional software product suite targeting rural co-operative bodies, is aiming to infuse $10-15 million in the next nine-month period for expansion.

Addressing the media here on Monday, S Yadavalli, managing director and CEO of CoOptions Technologies, said backed by recent overseas contracts in countries like Sri Lanka and Malaysia, the company is expected to leapfrog to a Rs 50-crore turnover very soon from the expected turnover of Rs 10 crore this year.

"We need to deploy more and more professionals to implement these solutions and to expand basic infrastructure like opening new branches for which we need investment," he said, adding that the company is willing to approach for angel funding as was done in the previous two rounds of funding.

The 16-module software product suite developed by CoOptions encompasses all the four basic areas of co-operative banking, commercial banking, utilities and trade and accounting and auditing, which is at least two-generations ahead of other similar products, Yadavalli claimed.

The company thus far has implemented this software product in 150 primary agricultural co-operative societies (PACSs) in Andhra Pradesh. It is also implementing it in a few co-operative bodies in Karnataka. According to Yadavalli, the company is receiving good response from other states like Gujarat and Maharashtra where the co-operative movement is strong.

Besides, the company has recently bagged a $4.74-million utility management contract from Sri Lanka's National Water Supply and Drainage Board.