Fulcrum Venture India invests Rs 8 crore in Congruent Solutions
SME investor Fulcrum Venture India on Tuesday said it has made an investment of Rs 8 crore in Congruent Solutions, a specialist service provider in the pension administration industry.
New Delhi: SME investor Fulcrum Venture India on Tuesday said it has made an investment of Rs 8 crore in Congruent Solutions, a specialist service provider in the pension administration industry.
Congruent Solutions will use the proceeds to expand its thriving services business and commence commercialisation of COREDC, its proprietary record keeping system, the company said in a release.
As an integral part of this deal, Fulcrum will have board representation and board advisor roles and will also hold a will hold a 20 percent stake in the company.
"As part of the deal structure Fulcrum Venture India will hold a 20 percent stake on a post money valuation of Rs 40 crore," the release said.
Congruent Solutions is a specialist service provider in the pension administration industry providing a host of retirement administration and technology development services to various companies in the US, UK and Singapore.
"Fulcrum along with the management, have outlined an aggressive action plan to be implemented over quarter 3 & 4 of FY13 with plans geared towards Improved billing efficiency and Enhancing net sales," Fulcrum Venture India Founder-Partner Krishna Ramanathan said.
Ramanathan further added that "...Have already seen results with net sales increasing by 31 percent: a trend we expect to continue going forward."
Fulcrum has been focusing on early and SME (Small and Medium Entreprise) stage investing since its inception in 2000 and has offered financial support to promising start ups in a variety of sectors such as Pharma, Niche Retail, Consumer Durables, Education, IT & Technology.