i-Vantage to raise $2 million

i-Vantage Inc, a provider of technology-oriented global delivery centre, is planning to raise $2 million through private equity participation. The $7.5-million company will use these funds for setting up incubation centres in Delhi, Mumbai, Chennai and Pune.

Speaking to mediapersons, Sandeep Kaujalgi, president and CEO of i-Vantage Inc, said, "We are looking at divesting equity to value-adding individuals or organisations. We will go in for a public offering later to provide an exit route to the private equity participant."

The company currently has facilities in Hyderabad, Kolkata and Bangalore, and is looking at expanding to more cities in the next 12-18 months.

"We will also be entering the software product space shortly. We have acquired IP of a product from an Asian company and are now working on making it compatible globally. It is a sales force automation/customer relationship management product that will improve our topline by 20 per cent. We may look at similar acquisitions in future," Kaujalgi said. i-Vantage expects its revenues to increase to $11 million by 2006 and $20 million by 2008.

The company has invested $3 million in acquiring the IP, setting up a technology centre in Hyderabad and a contact centre in Kolkata.

It has a technology resource strength of 100 and a contact centre strength of 650, which will grow to 300 and 1,500 respectively by 2008. i-Vantage also expects to create more than 3,500 captive centre positions for its clients by the same period.