Comat Technologies Raises Rs 60 Crore
Bangalore-based e-governance services firm Comat Technologies has raised $15 million (Rs. 60 Crore) in its third round of funding from Omidyar Network and the Unitus Equity Fund (UEF) says VCCircle.
This is the first non-microfinance investment for UEF and the first direct investment of Omidyar Network in India.
Comat, which operates a network of rural business centres, had divested 10.5% stake to raise $5.5 million from Hughes and Intel Capital in the first round in March 2007, and late last year had raised Rs 25 crore ($6.2 million) from Avigo Capital Partners.
The company plans to use the investment to expand to new states, accelerate service delivery for training and financial services, strengthen management bandwidth and enhance its brand.
In March 2007, Comat had divested 10.5% stake to raise $5.5 million from Hughes and Intel Capital in its first round, and late last year had raised Rs 25 crore ($6.2 million) from Avigo Capital Partners.
Comat delivers information-based services to rural citizens through its wholly-owned network of ICT-enabled Rural Business Centres. By March 2009, Comat is aiming to increase its network six fold to own and operate 6,800 rural business centres from its present 1,100 centres, across 10 Indian states.
The Centres act as the last mile solution for delivering employability training, education, insurance, finance and essential government services in a predictable and efficient manner to rural customers. [Via]
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