Virtual Galaxy Infotech raises Rs21.44 cr in pre-IPO round, Will file DRHP soon
The company is now gearing up to file its Draft Red Herring Prospectus (DRHP) with the stock exchange and launch its SME-IPO. Shreni Shares has been appointed as the merchant banker for this public offering, with the IPO set to launch soon
Hyderabad: Virtual Galaxy Infotech, a leading Hybrid SaaS and Enterprise Software company with products developed for banking and financial sector, announced the successful closure of its pre-IPO funding round, raising an amount of Rs21.44 crore from marquee investors.
Among the notable investors participating in the pre-IPO funding round are former RARE Enterprise MD Devnanthan Govind Rajan, Jayaraman Vishwanathan, ex-director of Electra Partners Asia Fund, and Asit Oberoi, former COO & CFO of Yes Bank.
Other investors include Umesh Sahay and Abhishek Narbaria, Co-Founders of EFC(I); Darshan Gangolli, former Executive Director at Altico Capital (Real Estate Fund); Abhishek More, Founder and CEO of Digikore Studios; Amit Mamgain, Senior VP of Equity Sales at AMSEC; and M Srinivas Rao, former MD at the Bill and Melinda Gates Foundation, India.
Other prominent investors include the India Emerging Infrastructure & PE Group, Shashank Mishra, Founder and CEO of Xolopak India, and the Nova Capital Opportunities Fund, Mauritius. The company is now gearing up to file its Draft Red Herring Prospectus (DRHP) with the stock exchange and launch its SME-IPO. Shreni Shares has been appointed as the merchant banker for this public offering, with the IPO set to launch soon.
Virtual Galaxy Infotech was founded in 1997 in Nagpur and is spearheaded by first-generation technocrats Avinash Shende and Sachin Pande. The company has distinguished itself in the Banking/BFSI, Fintech, ERP and E-Governance sectors. Virtual Galaxy Infotech has developed and implemented its core banking solution named “E-banker” at more than 150 clients including banks, societies, microfinance companies and NBFCs, as well as ERP and e-Governance solutions to government bodies, semi-government organizations, SMEs, and mid-sized corporations. With a strong presence in 20 states across India and East Africa, Virtual Galaxy Infotech has an in-house team of around 300 qualified and experienced professionals as of March 31, 2024.
The E-banker application leverages cutting-edge and mobile technologies, including AI, to deliver advanced solutions. E-Banker, is a fully web-based, real-time, centralized regulatory compliance platform. This robust technology has been extensively deployed across numerous bank branches, efficiently managing millions of transactions daily.
Over the past 26 years, Virtual Galaxy Infotech has successfully completed projects for two prominent State Cooperative Banks, 11 District Cooperative Banks (DCC), over 50 Cooperative Banks, more than 50 Cooperative Societies and SACCOs, 11 Government Projects, and upwards of 50 ERP projects. Virtual Galaxy Infotech has also successfully completed four World Bank funded projects.
Some of their notable clients include Maharashtra State Agricultural Marketing Board (MSAMB), Maharashtra Labour Welfare Board (MLWB), Export Development Fund (EDF), Reserve Bank of Malawi for Malawi Agricultural and Industrial Investment Corporation (MAIIC), DCB Commercial Bank Plc of Tanzania, Maharashtra Agricultural Competitiveness Project (MACP) and Government Medical College (GMC) Nagpur.
The company's “E-Autopsy Software” provides a comprehensive automation solution for the post-mortem departments of recognized hospitals. This advanced software addresses the department's needs from case registration to report generation, ensuring the maintenance of accurate and critical records for extended periods.