(Source: Orangescape gets $1 million funding from Indian Angel Network, The Economic Times, May 9th 2012)
New Delhi: IT firm Orangescape today said it has secured $1 million funding from Indian Angel Network, which will be used to expand operations in the US and Europe.
“This is a bridge round of funding. We’ll use this amount to expand services to mature economies like the US, UK and Western Europe and help raise next round of funding from top-tier venture capitalists,” OrangeScape CEO Suresh Sambandam said.
The company plans to raise another round of funding of more than $8 million in the US in the next nine months.
The company is already engaged in discussions with venture capitalists for the same, Sambandam said.
The company offers platform as a service (PaaS) solutions, which enables users to access hardware, operating systems, storage and network capacity over the Internet.
Using PaaS, clients can reduce their operating cost and it eliminates the need of buying and managing a software/ hardware for building applications.
At present, 80 per cent of the company’s clients are from India. OrangeScape customers include Unilever, IIFL, Citi, Ford, Pfizer, Altacit Global and Sify.
However, the company is looking at more overseas customers. It is already in talks with 70 large companies, of which 60 per cent are in the US and expects to close at least 20 deals by April, 2013, he said.
Indian Angel Network Member Sharad Sharma, who led the investment and will join OrangeScape board, said, “IAN funding will fuel company’s marketing forays to expand its global footprint. Access to networks of IAN members will open up many more doors to this technology that is beginning to make a global mark.”