Pune based IT services and consultancy firm, MindChipps Consulting is in talks with a couple of VC ‘s to raise funds as the company seeks to expand its operations in the country.
The amount of funding and extent of dilution is not known at this moment.
MindChipps Consulting, founded by Sachin Niravane, Satish Bora and Sunil Bodke (all with over 15 years of experience in the IT and manufacturing space), provides a Web based (SaaS) platform or software for professionals like CAs, CSs, and lawyers.
The flagship product, cadashboard.com (a Platform for Chartered Accountants and their Clients wherein CA and his/her client can manage communication effectively) caters to a lot of CA professionals in western india.
Its other products includes AlcoSoft, a retail sales management and reporting desktop application for liquor retailers; Whereismygc, a web base application to forecast approximate time to obtain USA Green Card in Employment Based Category.
MindChipps plans to expand geographically from their current epicenter in Western India from the envisaged fund raise, which is being managed by Pune based Investment banking firm Surmount Advisors.
The company currently services a client base of more than 500 professionals right now, which in turn serves more than 6000 clients.
Deriving its top-line from the subscription to the platform on an annual subscription basis along with data storage plan, it expects to break even by next year.
Going ahead it is looking to expand the operations outside india and is in talks with a couple of channel partners in UK and Gulf countries for selling the product abroad. The product will also be available for online purchase soon.
It is also in process of launching a mobile app that will enable professionals to track work status apart from providing features like Work allocation, resource management, maintaining client database, etc.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.