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Rajasthan Venture Capital acquires 32 percent Stake in NexTenders
By siliconindia
Jaipur- Jaipur-based Rajasthan Venture Capital Fund acquired 32 percent stake in its first round of funding in NexTenders, reports VCCircle. The amount for the acquisition in the Mumbai-based company is yet undisclosed.
With an aim to invest in start-up and mid stage companies, operating in high growth sector, Rajasthan Venture Capital has invested in NexTenders through its 
150 crore SME Tech fund. NexTenders provides web-based goods and services exclusively to the governments and the public sector. The workflow system provides an ability to customize processes down to department level, thus enabling the buyers' complete control over their tendering processes. The company has been providing the e-Procurements/e-Tendering solution both on an Application Service Provider (ASP) and Licensing models.
NexTenders is engaged in web-based procurement of goods and services and mainly caters to various state governments, government agencies and public sector undertakings - both in India and abroad. For this purpose, the company utilizes e-procurement technologies, including e tendering, e-auctions, e-catalogues, etc.
NexTenders will use the fund to widen its customer base by enhancing existing product features and exploring new market opportunities. The current client portfolio of the company includes Government Departments and Agencies of State Government of Maharashtra, Chhattisgarh State Government, Assam State Government and many more. In the public sector undertakings, the client includes Punjab National Bank, National Thermal Power Corporation, Indian Oil Corporation and others.
Girish Gupta, CEO, Rajasthan Venture, said that with the current augmented accent on transparency in government procurement in India, there is a huge potential for growth of e-Procurement/e-Tendering services. The company uses distinctive technology to ensure stringent security measures, required to maintain confidentiality and transparency in the bidding.
The focus on e-Procurement in India comes from the National E-Governance Plan (NEGP) 2003, which recognizes it as a priority area for governance, along with various other initiatives such as e-taxes and e banking. The Ministry of Finance has also issued an ordinance, calling for all central government departments to shift to mandatory e-procurement in a phased manner, beginning from 2008.
RVCF SME Tech invests in IT, education, retail, healthcare, agro products, auto components and other growth sectors and includes P.R. Packaging, AAA IT Solutions, Imaging Super Consultants and many more in its portfolio.
150 crore SME Tech fund. NexTenders provides web-based goods and services exclusively to the governments and the public sector. The workflow system provides an ability to customize processes down to department level, thus enabling the buyers' complete control over their tendering processes. The company has been providing the e-Procurements/e-Tendering solution both on an Application Service Provider (ASP) and Licensing models.
NexTenders is engaged in web-based procurement of goods and services and mainly caters to various state governments, government agencies and public sector undertakings - both in India and abroad. For this purpose, the company utilizes e-procurement technologies, including e tendering, e-auctions, e-catalogues, etc.
NexTenders will use the fund to widen its customer base by enhancing existing product features and exploring new market opportunities. The current client portfolio of the company includes Government Departments and Agencies of State Government of Maharashtra, Chhattisgarh State Government, Assam State Government and many more. In the public sector undertakings, the client includes Punjab National Bank, National Thermal Power Corporation, Indian Oil Corporation and others.
Girish Gupta, CEO, Rajasthan Venture, said that with the current augmented accent on transparency in government procurement in India, there is a huge potential for growth of e-Procurement/e-Tendering services. The company uses distinctive technology to ensure stringent security measures, required to maintain confidentiality and transparency in the bidding.
The focus on e-Procurement in India comes from the National E-Governance Plan (NEGP) 2003, which recognizes it as a priority area for governance, along with various other initiatives such as e-taxes and e banking. The Ministry of Finance has also issued an ordinance, calling for all central government departments to shift to mandatory e-procurement in a phased manner, beginning from 2008.
RVCF SME Tech invests in IT, education, retail, healthcare, agro products, auto components and other growth sectors and includes P.R. Packaging, AAA IT Solutions, Imaging Super Consultants and many more in its portfolio.