 "Exfinity Venture to raise Rs 250 crore for next fund")
Speaking to the reporters in Chennai, after joining in the board of Kaar Technologies, Balakrishnan, who is the Founder & Chairman of Exfinity, said that the Rs 125 crore fund the company had floated earlier would be completely invested in near future.
He said that the VC would look at raising around Rs 250 crore in the next fund and it would also be invested in the technology ventures. He said that while the first $100 billion in the IT sector was contributed by the IT services firms, the growth of IT industry in the country will now be from the high end product and technology industry.
"I strongly belive that the next $100 billion in the IT industry in India is going to come from high end product, high end technology and high end consulting companies," he said. There is hug talent pool and with the IT services business slowing down, a lot of them who has been working in the industry for 10-15 years, are coming out and becoming entrepreneurs. There is no derth of capital available for them, he added.
The next round of value creation is going to happen in the country from these technology firms and there is a huge potential for these companies to grow, he added.
From the first fund, the company has invested in technology firms including Riversilica, a hardware and software solutions provider for IP streaming video delivery, Fitternity, a fitness discovery and booking platform for all wellness services, Iqlect, which provides an end to end elastic real time data analytics platform in a box, Uniken, a digital connectivity & access platform, LensBricks, which develops smart sensing technology for people and their homes, Mad Street Den, a computer vision and artificial intelligence company serving the needs of multiple industries and Virtual Power Systems, a software defined power company providing solutions to software defined data centres increasing reliability.
