Microland gets $7.3 mn funding

Microland, an IT infrastructure management and technical support services provider, has received a $7.3 million funding from ICICI Venture, JP Morgan Chase, Synnex Corporation and Pradeep Kar, its promoter, to finance its expansion programme.

Revathy Ashok, chief financial officer of Microland, said, "We expect significant growth in our business over the next two years. The funds raised will be deployed in expansion."

Initially, Microland plans to focus on increasing its delivery infrastructure. On bringing in Synnex, an IT supply chain services company based in the US, as a strategic investor during this round of funding, Ashok said the American firm's strategy fits well with that of Microland.

Synnex provides services to original equipment manufacturers, software publishers and resellers. Through this alliance, Microland gets an additional reach in the market for IT infrastructure delivery.

Business Standard had earlier reported that Planetasia, an e-Technology offshoring services provider and Microland group company, has been looking at roping in Global Consultants, a US-based technology firm, as an equity partner.

Sources in the venture capital industry confirmed the development saying that Planetasia plans to raise $2 million from GCI, a US firm, and this would be the second round of funding in the company. Ashok, when questioned on this development, refrained from commenting.

Banglalore-based Microland has an employee strength 1,000 currently, and the company plans to double this number over the next two years.