OrangeScape to raise funding in next 6 months
By Eureka Bharali, SiliconIndia
Chennai: OrangeScape, a startup providing Platform as a Service (PaaS), is on the route to raise some amount of venture capital funding. Founded in 2003, the startup offers a modeling driven visual development environment for creating business applications. "Yes, we are mulling to raise some investments within the next six months. The amount is not confirmed, it can be somewhere within $10 million," reveals Suresh Sambandam, Founder and CEO of OrangeScape. The company is on a rapid expansion mode strengthening its presence across India and globally. Headquartered in India, currently, apart from India, the company has its centers in U.S. and UK. Currently, Indian PaaS vendors such as Wolf Frameworks, OrangeScape, A2zapps and AppPoint Software Solutions are set to radically transform the face of Indian IT. They are aiming to crack the SME market with their indigenously built PaaS platforms. Armed with the new platforms from the Indian vendors, small Indian enterprises are using the power of PaaS to quickly create their own customized SaaS applications. The local PaaS market is on a rapid growth state with the sector forecasted to grow 10-fold by 2015. This accelerated growth ensures a growing VC interest. Hence, the players are on the fund-raising mode and similar to OrangeScape, the Indian PaaS player A2Zapp too revealed its future plans to raise VC investments by mid of 2011 in an interview with India Company News.