Netscribes Raises Second Round Capital from Basil Growth Corporation
Date: Tuesday , August 03, 2010
Netscribes has secured its second round capital from Basil Growth Corporation, a Mauritius based venture capital firm. The research and analytics solutions firm already has New York based Insight Venture Partners as an investor from its first round of funding.
The funds would be used by Netscribes to rapidly expand its operations across the US, Europe, and the Asia-Pacific regions. Netscribes is in the process of expanding its service offerings across Research and Market Intelligence to strengthen its position as a leading Knowledge Services provider.
Commenting on the VC interest in the company, Sourav Mukherjee, Founder and CEO, Netscribes, says “There is a lot of VC interest in the knowledge services industry as research, analytics, knowledge management, and publishing works are being outsourced more and more by global corporations. The present trend also provides an opportunity for strong companies to reorganize and focus on their strengths through a combination of organic and inorganic growth. This is the right recipe for funding.” “The demand for our services will be largely driven by the US, Indian, and MENA markets as Europe continues to be down. But we feel that Europe will bounce back by January 2011,” he adds.
“We are entering an exciting phase in Netscribes and will be rapidly expanding our workforce to drive the aggressive growth plans we have put together, which include interesting inorganic opportunities too,” says Sourav.
Speaking on the investment, the Managing Partner of Basil, Rajeev Srivastava says, “Globally, we see a tremendous demand for Knowledge Services to drive the aggressive growth plans of organizations. Netscribes, with its value proposition across Research, Sales and Market Intelligence, Knowledge Management, and a very experienced and committed management team fits the profile of organizations, we seek to invest into a sound and high quality management team, a niche focus, high growth industry, and a profitable business model. We are confident about the scalability of the venture and our ability to add value to it.”