|Startup in ITeS Sector Secures Investor Funding|
|Written by Mridula Velagapudi|
|Friday, 15 July 2011 05:03|
In today’s Indian market, startup activity in IT/ITeS sector would not gain much attention. And being on investors’ radar will be completely out of question! It may well be possible if you go the cloud computing way.
Cloud computing is the buzz-word of today and thinkers and investors both understand equally that the future of IT is online, especially for the software. In other words, providing software-as-a-service in the cloud is the way to go for an entrepreneur as the market available is vast in most of the verticals.
Bangalore-based startup Globals ITeS Pvt. Ltd. has received funding from Encore Operating Partners and 1886 Investments Ltd, the investment arm of Commonwealth Education Trust, UK, as reported in VCCircle. Globals ITeS will dilute 26% stake to Encore and 12% stake to Commonwealth Education Trust.
Globals ITeS is not only targeting schools in India, but also focusing on international markets in Africa and Middle East. They want to utilise the Encores presence in Dubai to reach rest of the Middle East market, whereas they hope to leverage Commonwealth Trust’s advantage to reach and understand the African education market.
The most noticeable fact of this piece of information is that Globals ITeS has the vision of developing cloud-based solutions for the education sector, especially the K-12 segment. They wish to offer solutions for school administrative tasks such as payroll, student fee and timetable management. Globals is also planning to launch eBag, a low cost tablet PCs, for students and a platform for online teachers’ training.
Cloud services provide price advantage to the users and it comes very useful for educational institutes which lag behind in technology mainly because of high cost of establishing the IT systems. What can be more lucrative than bringing together two diverse industries – cloud computing & education (K-12) industry – which are on investors’ radar?