Enterprise software maker Covacsis Technologies has received INR 7 crore in second round funding led by Mukesh Ambani-promoted GenNext Ventures and with participation from Cisco and existing investor Blume Ventures. The Mumbai-based startup founded in 2009 by two IIT Bombay graduates - Tarun Mishra and Abhijeet Mhatre - helps manufacturing companies make their factories more efficient. Covacsis will use the funding to enhance its existing product, team and geographical reach. The company will also expand its headcount from current 62 to 75 by end of the year.
The product developed by Covacsis provides real time data on how a factory is performing, how much money the company is losing on the shop floor and reasons for it. This information is available across platforms like mobiles, tablets and computers. The company charges anywhere from Rs 75 lakh to Rs 4 crore on installing the software in each plant and then enters into services contract with clients. Its client list includes over 20 large manufacturing companies including the likes of Cipla, Sun Pharmaceuticals, Godrej Industries, Tata Rallis, Ruchi Soya, Ipca Labs, Trident Group, Raymond and Welspun.
From the Venture Intelligence PE Deal database: In Sept 2012, Covacsis had raised INR 2.5 Cr in Series A funding from India Venture Partners, Blume Ventures and others.
Source: Economic Times
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