Subhkam Growth Fund-I, the maiden Domestic Fund from Subhkam Ventures, has made an investment in IRIS Business Services Limited. The investment is being made through two rounds of capital infusion. While the first tranche will give Subhkam Growth Fund around 15 % holding, the second tranche is in the form of a performance linked convertible structure which would lead to an enhanced stake for the Fund.
Mr. Rakesh S Kathotia, Chairman, Subhkam Ventures said, “With the government agencies and large conglomerates turning towards XBRL as a common platform for assimilation of data, IRIS is poised to make a quantum jump in their business and they are at the cusp of exponential growth, especially when regulators world-wide are mandatorily adopting XRBL. We feel IRIS, with its inherent strengths, shall certainly garner a sizable chunk of potential markets, which runs into billions”
“The resources from this round of funding will help us exploit opportunities in markets across the world even as we build on our leadership position in India. It comes at a time when XBRL is reaching tipping point,” added S Swaminathan, CEO, IRIS.
About IRIS Business Services Limited
Founded by 3 outstanding professionals S Swaminathan, K Balachandran & Deepta Rangarajan, IRIS is the only home-grown company which offers end to end XBRL suite solutions. The Company has made successful and commendable inroads across various regulators and the regulated. IRIS not only facilitates companies to convert data into XBRL format, through its software tools, but also provides regulators and other end user the complete XBRL eco-system by creating customised XBRL platform. IRIS also owns and runs financial portal myiris.com, a leading Indian personal finance destination serving investors and intermediaries.
About Subhkam Ventures
Subhkam Ventures, a SEBI registered Venture Capital fund, is one of the earliest home grown Private Equity firms of India and is among the few with full investment cycle track record in India. Subhkam Ventures has been investing in Private Equity and PIPEs for over the past ten years. Subhkam has invested in over 25 companies (both private equity and PIPES) and successfully exited 7 over a period of time. The focus is on mid-sized companies especially in sectors like Infrastructure, Telecom, Healthcare, Financial Services, Aerospace, Tourism, Environment, Alternate Energy and the like, with investment size of between $2 million and $ 10 million.
