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News >> Technology >>
Nokia VC picks up stake in Sasken
By siliconindia staff writer
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Wednesday, 20 April 2005, 19:30 IST
BANGALORE:Sasken Communication Technologies has received $3 million in funding from Nokia Growth Partners, a mid- to late- stage VC fund. This latest round of funding comes even as Nortel Networks announced in early April that it would pick up a major stake in the company by investing $10 million.
Sasken CEO Rajiv Mody said, "We are the first portfolio company that Nokia Growth Partners, which was formed a few months ago, has invested in." "We would be raising an 
100 crore in a IPO later this year and utilize the funds to fuel the company's growth through opportunities like mergers and acquisitions and also capex and into working capital," he added.
Mody said that unlisted Bangalore based company that focuses on telecom software products R&D, is also witnessing a surge in its services business. Sasken generated revenue to the tune of $36.4 million in 2003-04 and has about 2300 employees of which 1,700 are working on wireless projects.
100 crore in a IPO later this year and utilize the funds to fuel the company's growth through opportunities like mergers and acquisitions and also capex and into working capital," he added.
Mody said that unlisted Bangalore based company that focuses on telecom software products R&D, is also witnessing a surge in its services business. Sasken generated revenue to the tune of $36.4 million in 2003-04 and has about 2300 employees of which 1,700 are working on wireless projects.