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Raja Simhan T.E.

CHENNAI, June 4

THE Chennai-based Telesis Technologies (India) Private Ltd has raised Rs 4 crore in a first round venture capital funding from CanBank Ventures. Telesis plans to use the funding for increased sales and marketing of its products in India and emerging markets including Africa, West Asia and Europe, the company's Director, Mr Shriram Kumar Rajha, told Business Line.

Telesis has three main products NetCAST, TestBENCH and GBM (a Government business accounting product handling solutions). The company is also a training and implementation partner for Infosys' core banking solution, Finacle, in India and overseas, and implementation partner for Ramco Systems's global ERP (enterprise resource planning) product, he said.

According to Mr Rajha, the company, which focuses mainly on banking, financial services and insurance sectors, also plans to use the funds for its business development.

A profit-making company (the firm started operations in 1997), Telesis has stabilised itself in the banking and financial services sector in the last five years and is now in a growth phase. The VC funding would help such a growth, he said. Telesis expects to double its turnover to about Rs 12 crore by March ending 2004, he added. Telesis has about 110 employees, of whom about 25 come from banking background.

On the VC funding, Mr Rajha said it took some time for the company to get the funding due to depressed market conditions wherein companies found it difficult to get funding. "With the scaling up of business, we are poised for good growth in the next few years, and we have a successful track record among various clients. CanBank Ventures took note of these reasons before funding us," he said.

Mr Rajha said the company's NetCAST is a MIS (management information system) reporting tool for the banking segment, while GBM handles Government business transaction for banks. Both the products have been licensed along with Infosys' Finacle core banking solution to various banks including major Indian public sector banks, he said.

The company's other major product, TestBENCH is a full-fledged Web application and helps companies to constantly assess and monitor the knowledge of their employees or students. Infosys and ICICI Bank use TestBENCH to test the skills of their employees on certain domain, said Mr Durai Rajasekar, Chief Executive, Telesis. The company's other clients includes Global Trust Bank, The Jammu and Kashmir Bank, Bank Muscat International, ICICI and a few banks in Nigeria, Kenya and Bangladesh, he said.

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