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Subhkam Growth Fund-I, the maiden domestic fund from Subhkam Ventures, has invested an undisclosed sum in IRIS Business Services Pvt Ltd, which is better known for their financial portal Myiris.com. IRIS Business Services claims to be the only provider of  XBRL (eXtensible Business Reporting Language) based financial reporting solutions in India.

XBRL is a language for the electronic communication of business and financial data that offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data according to the XBRL website.

The investment is being made through two rounds of capital infusion. While the first tranche will give Subhkam Growth Fund around 15% holding, the second tranche is in the form of a performance-linked convertible structure which would lead to an enhanced stake for the fund, a release said..

IRIS Business Services Limited is founded by three professionals - S Swaminathan, K Balachandran & Deepta Rangarajan. The funding will be used by the company to foray into international markets. S Swaminathan, CEO, IRIS said, the funding comes at a time when XBRL is reaching a tipping point.

Rakesh S Kathotia, Chairman, Subhkam Ventures said, “With the government agencies and large conglomerates turning towards XBRL as a common platform for assimilation of data, IRIS is poised to make a quantum jump in their business and they are at the cusp of exponential growth, especially when regulators world-wide are mandatorily adopting XRBL. We feel IRIS, with its inherent strengths, shall certainly garner a sizable chunk of potential markets, which runs into billions.”

Subhkam Ventures has invested in over 25 companies (both private equity and PIPES) and successfully made seven exits over a period of time. The focus is on mid-sized companies especially in sectors like infrastructure, telecom, healthcare, financial services, aerospace, tourism, environment, alternate energy and the like, with investment size of between $2 million and $ 10 million.

Some of its investments include Sparsh BPO Services Ltd, Aqua Logistics Ltd, Reflex Technologies Pvt. Ltd, Shakti Pumps India Ltd, Strakon India Ltd and Nagarjuna Agri Tech Ltd. among others.

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