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e-infochips to set up center in Japan
By agencies
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Tuesday, 28 February 2006, 20:30 IST
BANGALORE: e-Infochips, Ahmedabad-based semiconductor design services firm, is planning to set up a wholly-owned marketing subsidiary in Japan by later this year.
Announcing this, e-infochips, Vice-President (marketing), Tapan Joshi, said that the company was aggressively eyeing the Japanese market with its chip design and embedded systems services, and setting up a subsidiary would help the company consolidate its footprint in the geography.
Joshi said, We are seeing a good traction in Japan and expect the Japanese operations to account for 20 percent of revenues next year. Meanwhile, the company proposes to set up campuses in Ahmedabad and Pune with a total investment of $4-5 million this year.
Currently the company has around 500 engineers, which it plans to ramp up to around 700 by the year-end. In order to fund its Japanese initiatives and set up its campuses, eInfochips plans to raise fresh funds from venture capitalists or institutional investors.
"We may raise several millions this year," Joshi said, even while declining to spell out the specific numbers. "It could be in high single digit," he added.
The company, which closed 2004-05 with revenues of around $6.2 million, expects to close the current financial year with revenues close to $10.5 million a growth of around 60 percent. However, the company eyeing a higher growth of about 80 percent in 2006-07 and is targeting revenues of $18 million.