Processing .....please wait.. 
The article has been forwarded.... 
News >> Technology >>
Junglee's Mathur buys stake in Geodesic
By siliconindia staff writer
|
Friday, 07 May 2004, 19:30 IST
MUMBAI: Rakesh Mathur founder of Junglee, which was sold to Amazon.com for a record sum of $240m, during the height of the dot com boom, has picked up a minor stake in Mumbai-based instant messenger company Geodesic Information, reports Economic Times.
Considered the poster boy of the dot com period, Rakesh Mathur has picked up 2% equity stake in Geodesic and joined its board of directors. The equity stake sale will have to be approved by the shareholders of the company in the next annual general meeting.
After selling Junglee to Amazon.com , Mathur was working as an angel investor and advisor to several start up companies in the US. Geodesic Information Systems is a relatively younger company started in 1999 by a group of professionals with some venture funding.
The company got listed on the stock exchange by merging with a existing company called BV Holdings.
Geodesic had revenues of Rs 5.2 crore during the year 01-02 with net profit of Rs 1 crore and Rs 9.9 crores during the year 02-03 with net profit of Rs 3.5 crores.
The stock price of the company has shot up from Rs 70 a year ago to Rs 400, on the Bombay Stock Exchange. The company has given a guidance of a Rs 40 crore top line with net profit of Rs 17 crore for the fiscal year 04-05.