Akash Optifibre looks to raise $15-20 Million this fiscal

Bangalore: Akash Optifibre, an optic fiber manufacturer based in New Delhi, is looking to raise $15-20 million in the present fiscal. The company also schedules to raise about $40-50 million in the next three years.

According to the Dow Jone's report stated in VC Circle, the raising of $15-20 million would be utilized in the company's new businesses at its service division which includes Internet Protocol Television (IPTV) and Voice-over Internet phone (VoIP) services. The company delivers the IPTV and VoIP services to Bharat Sanchar Nigam and Mahanagar Telephone Nigam on a revenue sharing basis.

These investments in the businesses are expected to step up their customer's acquisitions. These internet-based services accounted for less than two percent of the company's 264 crore ($54.4 million) in the 18-month extended fiscal year, ended March 31.

The company expects its number of subscribers for IPTV and VoIP services to rise up to 400,000 in three years as against the current 30,000 subscribers across 22 cities. The report says that the company plans to start manufacturing the set top boxes in India to decode the internet television signals, which is expected to happen in about 3-4 months.