Saturday, February 24, 2001
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Citibank Pvt Equity invests $1.5 m in Momentum 

Priya Srinivasan  
Mumbai : Citibank Private Equity has invested $ 1.5 million for an undisclosed equity stake in Momentum, a Delhi-based IT company which engages in off-shore delivery for global clients. The company plans to use part of the investment to set up global offices in Vancouver and Seattle. Some investment will also be made to strengthen Momentum's India Development Centre and some of it will be deployed as working capital according to Mr Pankaj Agarwal, co-founder, Momentum. Momentum was established in 1993 as a Systems Integrator by a team which was earlier employed with Wipro.

The key members of the founding team are Mr Sunil Goyal and Mr Pankaj Agarwal. The company was largely into selling hardware and providing networking solutions apart from undertaking work with mid sized companies to provide end to end IT solutions till end 1997 according to Mr Goyal who adds that the company subsequently moved to developing software applications and products and was joined by Mr Pramod Saini from Wipro Global R & D Division. About 95 per cent of the company's revenues today come from its offshore delivery centre in New Delhi according to Mr Agarwal. Momentum's clients are global technology product companies.

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