|
PCI receives VC funding from TVS Finance
Anand Krishnamoorthy
Chennai: PC India (PCI), an IT solutions provider for the garment industry, has received venture capital from TVS Finance amounting to Rs 2 crore ( Rs 1 crore by way of direct equity infusion and another one crore by way of convertible debentures). PCI has developed an ERP solution for the garment exporters which has been branded GARMEX. The software outfit that currently offers end to end solutions to the garment industry intends to make a foray into the fashion accessories segment as well. PCI also plans to extend its presence to South-East Asian and Latin American countries.PCI managing director Navneeth Krishnan has said in a press release -- " Besides funding, we are also looking at TVS Finance for managerial inputs". TVS will have a representative on the board of PCI. The software company has projected a sales Rs 5.15 crore, Rs 10.30 crore and Rs 13.64 crore and a Profit After Tax of Rs 1.73 crore, Rs 4.71 crore and Rs 6.45 crore over three years starting from year 2000-01. The equity, which presently stands at Rs 1 crore, will become Rs 3 crore after the venture capital funding. Mantra Consultants have put through the deal. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
|