K-Results looks to India for $2.46 million funding

By SiliconIndia   |   Monday, 22 September 2003, 07:00 Hrs
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MUMBAI: An Italian IT start-up firm, K-Results Spa, is seeking a seed-funding of $2.46 million from the country, even as it is scouting for partners in the sub-continent.

"Many companies in India are ready to fund start-ups with a strong business plan, and the sub-continent is becoming an outsourcing destination for both finance and software," K-Results Spa president Giuseppe Deregibus told PTI on Sunday.

The company is talking with a couple of Indian firms and venture capitalists for its second round of funding and had received 0.15 million euros in first phase of funding from promoters and partners, he said.

The talks were in the final stages, he said, adding "We might be the first firm to look to India for funds."

K-Results is an IT products and services firm, founded by Italian and Indian promoters in Italy early this year and has offices in Milan, Rome and Mumbai.

The company estimates to post revenues of 10 million euros by 2004 and 25 million euros by 2006, he said.

Meanwhile, on its plans to enter into partnership deals in India, K-Results chief executive officer Fabrizio Lodi said they were in discussions with over 12 vendors "who were interested in accessing the untapped Italian markets".

Expecting certain deals to "fall through", Lodi said there was an acute shortage of quality-trained technology manpower in Italy, which prompted the company to look to India for "scalable partnerships".

These partnerships would enable the company to sell Indian IT products and services in the European markets, as the sub-continent has a "commendable" expertise in software and automate processing solutions.

The low cost of employment and products, would enable the partners to offer quality software products at competitive pricing in Italian and neighbouring markets, he said.

This also makes India a perfect destination for outsourcing and K-Results is planning to make the country its outsourcing destination.

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