CoOptions Technologies Ltd, a Hyderabad-based technology solutions company, has raised $10 million in series B funding. In this round, the company has got new investor in Walden International, along with its existing partner Nadathur Holdings, reports the Economic Times.
Walden, a US-based venture capital firm, has earlier invested in Mindtree and Anantara Solutions in India.
CoOptions Technologies offers integrated business, technology and process solutions to cooperatives, commercial banks and micro finance institutes on rural markets. Its solution called Primary Agricultural Cooperative Societies (PACS) allows the government to offer credit to farming community, especially to small and marginal farmers. It has a 10-year exclusive agreement with the Andhra Pradesh government.
Through its technology solution PACS, CoOptions provides information of around 2,740 rural co-operative banks to the government. It currently works with half a million farmers in Andhra Pradesh and plans to expand it to 10 million farmers in the next two years.
Rajesh Subramaniam, managing director, Walden India reasoned that corporate India needs such a company for accurate and credible data on rural markets. “Access to rural markets with credible information is necessary because the next wave of domestic demand is going to come from here,” Subramaniam is quoted in the report.
There has been investor interest in the e-governance space. Bangalore-based e-governance services firm Comat Technologies has raised funding from Unitus Equity Fund, Avigo Capital, Intel Capital and Hughes. Another firm in this space is Mumbai-based Suvidhaa Infoserve, which has backing from Reliance Technology Ventures and Norwest Venture Partners. Mainstream IT firms like TCS and Zylog are also eyeing projects in this space.