Explaining where these funds will be used CEO Chetan says, “A good chunk will go for international commercialization as we look at expanding aggressively in parts of Asia Pacific, Europe and Latin America. Our second emphasis is on coming up with next generation products that would complement the existing ones to broaden the portfolio we have.”

Foradian Technologies

It is betting big on the education sector. Unni Krishnan of Foradian Technologies has built and open source enterprise Fedena, a school management system which provides an efficient way to manage an institutions and its data be it the pre-admission online forms, payroll of employees, time table, inventory management and even student attendance. Present across 40000 schools and colleges globally, Foradian today powers 20 billion students and teachers. Talking about revenue generation, CEO Unni Krishnan says, “We are running profitable by using an open source business model. Fedena has got two versions of products – Fedena Basic which is open source and Fedena Pro which provides add-on modules and plug-ins.