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E-Governance Company Comat Raises Rs 25 Cr In Series B From Avigo
Mon, 11/26/2007 - 14:08 — Sahad P V
Bangalore-based e-governance services firm Comat Technologies has raised its second round of funding of about Rs 25 crore (a little over $6 million) from Avigo Capital Partners. Comat plans to use the capital for setting up more e-governance kiosks and platform innovation. It's currently executing e-governance projects in Karnataka, Haryana, Sikkim and Uttarakhand. According to sources, Comat may go in for a further capital infusion too.
Delhi-based Avigo focuses on investing in the SME and growth capital sector. Its portfolio includes Tecpro Systems, Privi Organics, Get Engineering & Construction and Spykar Lifestyles. Investment bank 03 Capital advised Comat in the transaction. According to reports, Comat was valued at $70-80 million. Comat is believed to have a turnover of around $10-15 million.
The 10-year old company had earlier this year raised around $5.5 million from Intel Capital, the venture capital arm Intel Corp, and Hughes. They had acquired 10.5 per cent stake for this investment, according to reports.
I think the valuation must be tied to performance in 2-3 years which is pretty common now in the Indian PE space. Rather than agreeing to disagree now, investors and companies agree to disagree later:)