Tag Archives: funding

Interview with @NexusVP, the most active tech Venture Capitalists in Pune

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Venture Capital firm Nexus VP, with 8 investments in Pune, is not only the VC firm with the largest presence in Pune, but conversely, they also seem to love Pune, with more investments here than any other city, including everyone else’s darling Bangalore.

Recently, Sandeep Singhal wrote this in a tweet:

Pune has the most product oriented culture. With 8 investments plan to spend more time there.

and soon after that, Nexus held an event in Pune showcasing 3 of their portfolio companies. With this much invested in Pune, and more activities planned, we decided to talk to Jishnu Bhattacharjee of Nexus to find out more about their Pune love affair.

How many companies have you invested in Pune? Can you name them?

Currently 8 of our companies have offices in Pune : Pubmatic, Druva, Sedemac, Helpshift, Uniken, and 3 others that will be announced in time

What attracts you to Pune? What would you say about the Pune start-up ecosystem, in comparison with other cities?

We consider Pune as a key technology hub in India. We find very high quality start-ups in Pune. They are either starting up in Pune or are setting up engineering offices here very early on in their life cycle to tap onto the superlative engineering talent in the city.

What are you plans for 2014-15?

We plan to continue / increase our focus in Pune, hope to interact and partner with many more exceptional entrepreneurs in Pune in coming years.

What technologies do you see as most exciting for the next few years?

We expect that exciting startup opportunities will be unearthed at the intersection of different technology trends like mobility, cloud and big data, applied to all facets of life spanning but not limited to health and wellness, education, enterprise IT, retail, home automation, industrial automation, agriculture, etc. That said, rather than being thesis driven, we are fundementally bottoms up investors looking to partner with passionate entrepreneurs who create category defining companies.

What would your top-3 recommendations (advice) be for an entrepreneur?

  • Instill the sales DNA in yourself. No matter what your background might be, as an entrepreneur you would always need to sell : to your customers, to your prospective hires and employees, to your investors.
  • Always look to hire better than yourselves.
  • Less is more. It’s much more important to figure out what features your product should Not have than what features it should have. Start-up that thrives does One thing right and better than anyone else, that addresses one key pain-point felt by a big enough target set of users / customers.

According to you, what is the #1 mistake that most first-time tech startup founders make?

Point #3 above. Tech start up founders have the propensity to start building out the technology / product, without really understanding that key One thing that is needed in their target market, that they have a competitive advantage one. Achieving product – market fit is quite different than developing the technology. Key is focus and saying ‘no’ to features much more than saying ‘yes’.

GSF is looking for an EIR: Good opportunity for some Pune Techie

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@thinkSantosh (Santosh Dawara) points out that the GSF (Global Superangels Forum) is looking for an Entrepreneur in Residence, and hopes people from Pune will take this opportunity to increase their network, increase their exposure, and help improve Pune’s presence in the Indian and Global startup ecosystem.

More information about the EIR@GSF program is here.

What are they looking for?

An EiR (Entrepreneur in Residence) is a misfit, a rebel and a leader, who sees an opportunity for change everywhere he/she looks. An EiR is restless, looking for his/her next challenge, while engaging with the best and brightest startups in India. An EiR is a humble, go-­getter, rolling his/her sleeves up to get the job, any job, done.

EiRs will anchor GSF’s startup accelerator programs in Delhi, Mumbai, Bangalore and Chennai by scouting, evaluating and aiding selection of the best startups from different regions of India. They will explore and drive strategic partnerships and expand GSF’s already robust mentor network of top entrepreneurs and executives in the tech community across the four cities. EiRs will also be responsible for designing and executing programming, managing logistics and buddy mentoring startups from MVP to Demo Day to eventual funding. EiRs are also awarded equity into the startups selected for GSF Accelerator.

See additional details in this YourStory article on GSF EiRs!

What qualifications are required?

For its inaugural program, GSF Accelerator inducted 17 EiRs who have have been entrepreneurs, students, investors, and ex-consultants. They have worked at some of the most exciting companies in the world and have educated from top tier educational institutions. Till date 30 EiRs have been part of GSF Acceleration program. For more details, please see the profiles of the GSF 2013 EiR
Team, and the GSF 2012 EiR Team.

Why is this being shared here?

Santosh says this:

I have no direct affiliation to GSF. But here’s why I suggested this,

In the near term an EIR is not a bad thing for an entrepreneur who is in-between ideas and is looking for a filler, or to simply grow his or her outlook, network.

In the long run, it will help us all immensely if any serious incubator were to consider a presence in Pune. If I may remind everyone, we are still missing the institutionalization of failures and successes of Punes startups. It helps to have one roof. As a result, every yr startups get going and attempt to reinvent without the benefit of what’s already been figured out by previous startups.

An incubator in Pune is atleast a step in that direction. If not that, having direct connections is the next best thing.

Can someone help me with the application?

Again, Santosh writes:

If the applicant is serious and has some of the necessary qualifications, I think there’s a lot of people on this list who will be willing to help in whatever way they can.

Pune’s Pubmatic gets $13MM funding; preparing for a $1B IPO?

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Pubmatic, a software product company with solutions in the cloud and mobile advertising space, which is fully developed out of Pune, has just received $13 million in funding from Nokia Growth Partners, along with existing investors. This takes the total amount of funding raised by Pubmatic to $76 million.

Excerpt:

The company plans to use the investment raised to improve its platform and for International expansion. PubMatic CEO and co-founder Rajeev Goel is also quoted in the press release as saying this investment will improve its ”direct market access by plugging into the global NGP (Nokia Growth Partners) and Nokia presence.”

The more interesting, and speculative, report comes from the Wall Street Journal article, which claims that Pubmatic is getting ready for an IPO, and are hoping for a valuation in excess of $1 billion.

We have been hoping for a Pubmatic IPO for a couple of years now ever since they hired a CFO who specializes in IPOs. However, it appears to be taking a little longer than expected.

Let’s hope that Pubmatic soon becomes Pune’s first software product IPO.

References:
– Medianama
– Wall Street Journal

@PersistentSys acquires @CloudSquads – Pune/California based enterprise social media startup

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Pune’s Persistent Systems has just acquired CloudSquads, a Pune and San Francisco based startup that builds social apps for the enterprise market.

After cloud-computing and mobile, the new hottest trend in the industry is SMAC (Social, Mobile, Analytics, and Cloud), and CloudSquads is smack in the middle of this trend. CloudSquads builds products that help companies like E*Trade, GE, Autodesk to use social media for customer support, sales, marketing. In addition they build apps that can be used for providing private social networking features within the enterprise.

From the press release:

CloudSquads helps companies develop a strategy for engaging with the modern social customer across all customer facing functions including brand, marketing, sales and support. The company implements platforms which provide rich capabilities that transform these interactions into healthy communities and then integrates those platforms with companies’ internal systems allowing them to better know and serve their customers.

and also:

“Social communities are the natural next step in the evolution and enhancement of external systems of engagement with customers, following the 1-800 number and corporate web presence,” said Ashish Seth, Co-Founder of CloudSquads, Inc. “CloudSquads helps global brands unlock the power of social to realize dramatic increases in employee productivity, double digit improvements in marketing and sales effectiveness and dramatically lower support costs, said Henry Bruckstein, Co-Founder of CloudSquads, Inc. “Combining the global reach and broad technology capabilities of Persistent Systems will allow us to multiply the transformative impact in the market.”

Why is Persistent buying CloudSquads? According to Ranga Puranik, President of Persistent:

“CloudSquads complements our software product development and SMAC (Social, Mobile, Analytics, Cloud) technology expertise with consulting, IP connectors and implementation services around social community platforms and is perfectly aligned to better serve our ISV and enterprise customer base.”

Persistent had recently reported that it had created “Persistent Venture Fund”, a venture fund to invest in early stage startups, mainly in the SMAC domain. Persistent Venture Fund’s first investment was in US-based ustyme, a free video call app for the iPad.

According to Anand Deshpande, CEO of Persistent, the fund will only invest in startups that are strategically interesting to Persistent’s business.

“We consider two aspects for selection. First is the technology area of the start-up and its similarity to our interests, and second the customers that it needs to align with our customer eco-system,” he added.

Panel Discussion: Intelligence at the Edge with @DruvaInc @Helpshift @Uniken_Inc and @nexusvp

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Nexus Venture Partners is one of India’s top technology venture capital firms, and has invested in 4 of Pune’s top technology startups: Druva, Helpshift, Pubmatic and Uniken.

On 13th February, Nexus is hosting a panel discussion on the topic “Intelligence at the edge”. With the CTOs of Druva and Helpshift, and the CEO of Uniken as panelists, it promises to be a great event that every techie in Pune who’s interested in the future of technology must attend.

Detailed Program:
– 6 – 6:30pm: Introductions
– 6:30 – 7:30pm: Panel Discussion.
– Panel Moderator:
– Jishnu Bhattacharjee, MD, Nexus Venture Partners
– Panelists:
– Milind Borate, Co-founder & CTO, Druva
– Baishampayan Ghose, Co-founder & CTO, Helpshift
– Sanjay Deshpande, Chief Innovation Officer & CEO, Uniken
– 7:30 – 8pm: Q & A
– 8 – 9pm: Networking over dinner

Fees and Registration

The event is on 13th February, from 6pm to 9pm, at Sumant Moolgaokar Auditorium, MCCIA, ICC Trade Towers, SB Road. The event is free and open for anybody to attend. Please register here: https://docs.google.com/forms/d/16L17gU5zTGPFtfIxQWymz5tJWqcfzG3IsWvdeIag5DA/viewform

Please double-check the date/time/venue of the event at the above link. We try to ensure that PuneTech calendar listings are accurate, but occasional errors creep in.

About the PuneTech Calendar

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Pune based enterprise security firm Uniken raises investment from Nexus Venture Partners

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Pune-based enterprise security software company, Uniken, has just raised a round of funding from Nexus Venture Partners, reports the Economic Times. The amount of funding has not been disclosed, but the internet is claiming that it is around $4.8 million. This is Nexus’ second major investment

Uniken’s main product is the REL-ID platform which allows enterprise software to be accessed from remote clients (i.e. mobiles, laptops, or home computers of customers or employees) in a secure way, in spite of the fact that the client is connecting to the server via an untrusted internet connection.

Imagine a bank, which is able to give its customers a “secure” mobile app that connects to the bank servers over the internet, but then uses REL-ID’s “private communication circuts” to establish a secure connection between the app and the server. Similarly, imagine an the sales database of a company being accessed by one of the salespersons on the road using a laptop. REL-ID PCC can be used to secure the connection between the laptop and the enterprise app without requiring laptop to be on the company network, and without requiring a VPN.

So, how is Uniken’s solution different from using an SSL or IPSEC based VPN?

According to the company’s website, REL-ID PCC is based on the concept of App-to-App tunneling. VPN’s on the other hand are based on TCP/IP Tunneling technology. VPN’s are installed as virtual network adapters and need administrative rights on the client machine in order to install them. VPN’s do not come with in-built mutual authentication and encryption technologies, for that one has to additionally invest in 2-way SSL or IPSEC technologies, increasing the total cost and complexity of the solution. These solutions are not viable when it comes to roll-out to large number of users.

More information about the product is here and here.

The Economic Times reports:

The firm has filed three patents and expects to file 12 patents in next one year. “Uniken is disrupting the digital security space with this platform that provides military grade security with rich digital experience,” said Sandeep Singhal, managing director at Nexus.

So, in the last few days, we’ve made two additions to the list of Pune companies that have raised funding in recent times (and that is even without counting the 3rd round of funding for FirstCry, because that was already on the list.) Is any company missing from our list? Please let us know.

Baby products e-commerce retailer, Pune’s FirstCry.com raises Rs. 82cr funding

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Pune’s FirstCry.com, a baby-products online retail store, has just raised Rs. 82 cr from Singapore’s Temasek Holdings, and existing investors IDG Ventures, and Saif Partners, reports the Economic Times. This is FirstCry’s third round of funding. Previously FirstCry had raised $4 million in 2011, and $14 million in 2012.

Excerpts:

FirstCry, which has tied up with 500 brands, offers over 70,000 products including diapers, toys, toiletries, strollers, apparel and footwear as well as books and toys for children up to the age of 15 years. It also has 50 branded franchisee stores across 45 cities and expects to grow this network to 100 stores. It gets 20% of its revenue from mobile-based transactions.

First Cry was founded by Supam Maheshwari and Amitava Saha in December 2010. Before that, Supam was one of the founders of Pune based e-learning company Brainvisa Technologies, which was acquired by Indecomm Global Services for about $25 million in 2007. Amitava was a senior vice president at BrainVisa and had been there since 2003.

Pune’s LinguaNext, a localization software company, raises Series A funding from Helion

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LinguaNext, a Pune-based company that provides a “langauge management platform” for software products, has raised a round of funding form Helion Venture Partners, reports VCCircle.

LinguaNext creates software products that allow enterprise software to be “localized” to one or more languages without requiring any change in the source code of the software.

What is Localization?

Most software in the world first gets written with English as the language of interfacing with the user. The menus are in English, and the messages, and labels on forms, and user interface buttons are all in English. If the same software needs to be used by a Japanese person who does not understand any English, she will either have to memorize the meanings and locations of the various English menu options and buttons, or the software needs to be modified such that all the English in the interface is replaced by Japanese. The same thing needs to be repeated for every major language in the world (where the company has customers).

This process is called Localization

Why is Localization Hard?

All the places in the source code of the software where English might be embedded, and all the images used in the user-interface need to be replaced. This is a huge task, because often, enterprise software contains millions of lines of code.

And this has to be done for dozens of languages, if not 100+.

And this can’t be done just once. Because every time the original software is updated, the various localized versions need to be updated.

Sometimes, the source code of the software might not even be available, or it might be too difficult to change.

What does LinguaNext do?

LinguaNext has products that allow their customers to localize the software they sell without having to modify the source code of the software. They can attach themselves to running programs, and modify the user interface screen of the software on the fly, and replace the English text with the appropriate text from the target language. Similarly, with web-browser based software, they can modify the HTML/JavaScript that gets generated by the software and do the language replacement before the webpage is sent to the user.

How LinguaNext Works
This is how LinguaNext works. Note that the original application (in blue) is not modified at all. Instead, when the original app is sending data to the screen (technically, the screen buffer), or to the printer, LinguaNext intercepts it, replaces the English Text, and sends the modified data to the screen. (Click for full-size image.)

This is excellent for the customer. Being able to localize a software without having to modify the source code is a dream of the marketing department (which, otherwise has to deal with the tech guys before they start selling any version of any software in a new country).

But, there are lots of little problems that need to be solved to make this a reality. For example, consider this tricky problem: what happens if the space on the screen (in the menu dropdown, or on a button) isn’t wide enough for the new word that they want to put there. i.e. if the Hindi word that replaces a particular English word is very long and it won’t fit. They solve this problem by having language experts who are able to suggest alternative words that are smaller, or by developing special narrow fonts to fit in words like these.

Although technically LinguaNext was started only in 2010, the core technology for LinguaNext, and the CTO of the company (Rajeevlochan Phadke), both come from an earlier company called Image Point that was around – doing similar software – since 2002. In other words, they have been developing, fine-tuning and selling this software for a dozen years.

They do this with Oracle or SAP Applications, HR Applications, Cloud Apps, Windows Desktop Apps, and now Mobile Apps are the next big target. LinguaNext already has customers such as SBI (State Bank of India), Punjab National Bank, and sofrware maker SAP.

What will they do with the funding?

According to the press release, they will use the funding to “expand in international markets, hire talent and scale up its mobile platform.” Going to Japan and Europe is likely to be one of their major priorities. India has lots of local languages, and lots of need for localization, but really, Indian companies don’t really like paying for software. Japan and Europe has the non-English speaking people who pay lots of money for software. And of course, as any website owner will tell you, mobile apps are taking over the world, and soon, localization of Android and iPhone apps is likely to be a huge market.

Interview with Vaultize: Pune based Enterprise File Sharing and Sync Service

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PuneTech has just learnt that Pune-based Enterprise file sharing and sync (EFSS) startup Vaultize has just received funding from Tata Capital Innovations Fund.

Vaultize builds cloud-based solutions for enterprise endpoint (i.e. laptop/desktop/mobile devices) sync, backup, encryption, security, and anytime/anywhere access to corporate file servers – all of this in a way that is visible to, and under the control of administrators in the company.

Through Vaultize’s endpoint encryption, sensitive corporate information remains encrypted on endpoints ensuring protection against unauthorized access and potential data leakage from lost or stolen device. In addition to on-disk protection, Vaultize’s patent pending encryption technology used in file sharing and backup ensures that the data is encrypted or decrypted only on endpoints – guaranteeing end-to-end protection

Vaultize, which so far has a presence only in India (with some sales outside via channel partners) will use the funding to scale up its expansion across the world, with immediate plans to establish operations in the US and Europe in conjunction with channel partners. The company will also use the funds towards building up its sales, marketing and engineering teams, and to enhance its global partner program.

PuneTech spoke with CEO and co-founder Anand Kekre. Here are some excerpts from the conversation:

Question: Another Pune startup in the storage and backup space, Druva.com, has been in the limelight in the last few years. How is Vaultize different?

Actually, we are not in the same market as Druva. Druva is more of a backup solution. Also, while they do have cloud-based backup, their focus traditionally has been on on-premise backup.

By contrast we are in what Gartner calls the EFSS (Enterprise File Sync and Share) space. We are more concerned with providing access to enterprise data from any device, from any where, without compromising on security. We ensure the enterprise data can be accessed from any device – including personal mobile devices – while at all times ensuring that the data is encrypted at all times, whether it is being sent over the network, or when it is stored on the disk in the device.

There are two major things we do that are unique to our solution. First, all the data that is being shared, synced, or in general being moved around via Vaultize is encrypted at source. This ensures that the data is never at risk once it leaves the device. Specifically, any data going over the network, or stored on Vaultize servers is always encrypted and the encryption key is only available at the endpoints (i.e. devices). Second, we do data de-duplication at source. That is, if the speed/latency and network bandwidth consumption is greatly improved by detecting whether the Vaultize servers already have a copy of the data that needs to be sent/synced (for example, same attachment being shared by various people), and only sending across the unique content. And this is achieved without losing the benefits of encryption-at-source, using patent-pending technology.

Question: So, your software can ensure that use of mobile devices with enterprise data is secure?

Across the world, there has been a proliferation of consumer file sharing and Bring-Your-Own-Device (BYOD) trends, and this has resulted in an increase in data loss, security and compliance risks.

There are two different aspects to ensuring security for BYOD devices. First, the enterprise needs to ensure that it is safe to allow a mobile device to connect to the enterprise network – i.e. it is an authorized device, and it only has authorized applications, and more specifically, does not have viruses and malware. This area is called Mobile Device Management (MDM). Vaultize does not deal with this issue.

Once a device has been allowed to connect to the network, Vaultize ensures that the data on the device is safe and secure by encrypting all the sensitive data on the disk, by being able to sync data across various devices, and geographies, and by providing secure (via encryption) access to the data from anywhere, in a way that compiles with all the enterprise security policies.

And it does all of this in a way that can be easily managed and controlled by the enterprise IT administrators.

Question: What is your team size currently, and how are you planning on expand
ing it?

Currently, we are about 15 people, all in India. Over the next year, we hope to expand our team to about 30-35 people. We will be looking to expand not only in the area of sales and marketing, but also engineering, QA, and support.

For more information about Vaultize, see http://www.vaultize.com

Building world-class technology companies – Helion VC – 24 April

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Helion VC, TiE Pune, POCC, and YourStory.in have organized a panel discussion on “Building world-class technology companies” on 24th April, from 5pm-8pm at Le Meridien Pune. A panel discussion on Scaling Technology Companies will have these panelists:

  • Sanjeev Aggarwal, Co-Founder Helion and Daksh
  • Nitin Kulkarni, COO, Persistent
  • Sanjay Katkar, Co-founder & CTO, Quick Heal
  • Rajeev Goel, Co-founder & CEO, Pubmatic

Another panel discussion on Raising Venture Capital will have these panelists:

  • Ritesh Banglani, Director Helion
  • Swapnil Shinde, Co-founder and COO, Dhingana
  • Vishal Gupta, Founder and CEO, Seclore

This will be followed by a networking session over cocktail.

About this Event

This event is free open to all. Register here

The event is from 5pm to 8pm on Wednesday 24th April, at Le Meridien.