neoIT managing director Avinash Vashistha told eFE that the first tranche - $2.5 million - was already in while the rest of the funds were expected to be in by September. The funds are being provided by a group of venture capitalists in Netherlands, UK and the US.

Vashistha said the fund would be used towards developing the company's portal, marketing activities and setting up offices in Europe and Asia. An IPO was also on the cards.

He said the company was aiming to rake in total business worth $1 billion by 2007. The company was also expecting a market capitalisation of $1 billion by June 2002, he said.

According to Vashistha, by June 2001, neoIT would post a turnover of $16 million, to reach $40 million and $700 million in June 2002 and 2006 respectively. On the revenue break-up, he said Asia Pacific would contribute 12 per cent of the total revenue, Europe would bring in 23 per cent, the US 57 per cent, while the remaining would come from the rest of the world.neoIT was currently in the process of automating its site. With automation facility in place, the outsourcing exercise would be faster enabling the company to handle a greater number of customers.

Vashistha said neoIT was currently in talks with strategic partners in Singapore, Hong Kong, Japan and Australia who could generate business for the company in their regions. Formal agreements to this end were expected to be signed soon. neoIT had plans to set up provider bases in Ireland, Vietnam, Philipines and Russia, he said.

The company was also in talks with two project and research management tools providers in the US.