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Tejas raises $15 million in Series C
Thursday, 06 January 2005, 20:30 IST
Bangalore: Tejas Networks Ltd, India's leading optical networking product firm, has raised $15 million in the third round of funding that will go towards expanding operational functions and increase its international presence.
With the Series C round of funding, the Bangalore-based company has so far raised $29 million from global institutional investors, promoters and employees since its inception in 2000.
The four-year-old company, co-founded by Gururaj Deshpande of Sycamore Networks, raised $5 million in the first round (Series A) in 2000 and $9 million during the second round (Series B) in 2002.
Besides existing investors like Intel Capital and IL&FS Investment Manager, Battery Ventures, one of the top-tier venture capital firms in the US, have participated in the third round of funding. Other investors are Sycamore and ASG Omni.
"The proceeds will go in for expanding our operational functions and increase our international presence through sales partnership. The funds will also be utilised to fuel our next stage of growth with higher investments in research and development (R&D)," Tejas CEO Sanjay Nayak told reporters here Thursday.
Having emerged as a leading player in the Indian market and forayed into the export market, Tejas has signed up a worldwide OEM deal with a tier-1 equipment vendor.
The company, however, did not disclose the vendor's name or its geographical presence, citing confidentiality in the deal.
"Competing against MNCs, we have succeeded in clinching 20 telecos operating across the country, including RailTel, MTNL, BSNL, VSNL, Tata Tele and Dishnet among others.
In the export market, we have started shipping our family of five products to Russia, China, Indonesia, Taiwan, Mid-East and Mauritius," Nayak said.
"While most Indian firms are focused on the services industry, Tejas is one of the first Indian companies to develop a global product in the optical networking market space," Deshpande said.
Source: IANS
Source: IANS