Reverse logistics player RT Outsourcing has raised a new round of venture capital funding from New Enterprise Associates (NEA). The VC firm has invested an amount of Rs 65-75 crore, according to a report in the Economic Times today.
Rahul Gupta, director of RT Outsourcing, confirmed the investment from NEA into the
company. The Delhi-based firm has earlier raised funds from Motilal Oswal Venture Capital and Sonoma Management Partners.
"We would now look at expanding to Tier II, Tier III cities with our service centers," said Gupta. RT Outsourcing provides after market services in IT and telecom, and claims to be the largest player in the country. It also provides technical support and BPO services.
The company has service centres at over 400 locations in India with refurbishment centers in Delhi and Bangalore. The company has around 3,500 employees and more than 35 clients.
Last year, NEA appointed Bala Deshpande, who was earlier senior director with ICICI Ventures, as senior MD incharge of India operations. The Silicon Valley headquartered firm invested $6 million in ValueFirst Messaging, a mobile messaging services provider, earlier this year. Its other portfolio companies include Sasken, Novatium and ISGN Technologies. NEA also runs an affiliate fund in India called NEA-Indo US Ventures. NEA was reportedly close to raising a $2.5-billion global fund earlier this year.
With the funding in place, RT Outsourcing also plans to open a global repair plant in Chennai. It is also looking to foray into e-waste management. "For e-waste services, we are in discussions for a
joint venture with leading global player," said Gupta without disclosing the name of the partner. RT Outsourcing is expecting revenues in the vicinity of Rs 200 crore in FY10, he said.