Daksh eServices gets $21m from General Atlantic, Citibank
By Our Convergence Bureau | 12 Oct 2002
New Delhi: Daksh eServices has received $21-million venture funding from General Atlantic Partners and Citibank. Of this, General Atlantic has brought in $18 million and Citibank around $3 million.
Daksh plans to add another 400 people to its staff strength of 2,300 in the next six months. Daksh CEO Sanjeev Aggarwal says his company is looking to end this fiscal with revenues of $30 million, up from $18-million revenues last fiscal.
Aggarwal says his company is not looking at further rounds of funding, saying the company has enough funds for expansion over the next two years. He, however, adds that the company is not yet ready for a public listing and will wait for more conducive markets and a longer record of profits before going public.
Daksh has turned cash-even in the first year of its operations. The company also has an employees’ stock option plan that has offered stock options to around 700 of its employees. Aggarwal says all of Daksh’s investors had less than 25-per cent stake in the company. “The company wants to create a more diversified equity structure.”