Chennai-based Basiz Fund Services Pvt Ltd, a KPO offering investment accounting services for mutual, hedge and private equity funds, has recieved $2 million (Rs 8.5 crore) in funding from NEA-IndoUS Ventures. Basiz has offices in Chennai, Mumbai andDubai and is a subsidiary of recently listed Vishal Information Technologies Ltd. Vishal is in turn a subsidiary of Tutis Technologies Limited. The funds will be used for capacity augmentation, infrastructure expansion and for opening new international offices to support the company’s existing and new clients.
Basiz provides services in areas such as investment accounting, partnership accounting, portfolio accounting, consulting support, investment account for insurance portfolio and managed accounts. The funds business is headed by A.V. Seshadrinathan, chartered accountant by profession. He has previously worked with Fortis Fund Services and US-based BPO InterPro Global.
This investment is NEA Indo US Ventures fourth investment announcement in the last three weeks. Late last month it had invested $2.25 million in Banglore-based Idenizen Smartware Pvt ltd, a technology solutions provider for the education vertical. Then it invested $4 million inIndiaand US-based e-publishing firm Pre-Media Global USA Inc. It also co-invested along with DFJ in Delhi-based e-waste management company Attero Recycling Pvt. Ltd.