Clonect Solutions, a Software Company focusing on products in governance, risk and compliance management (GRC), has raised seed funding of around $2, 50,000 from Balakrishnan and T V Mohandas Pai. The company also announced former Infosys CFO V Balakrishnan as one of its board member.
Clonect plans to invest the funds in the development of the product and its sales and marketing. It has its product already being implemented in about 10 companies.
Clonect Solutions Private Limited is a Bangalore-based software solution company founded by two former Infosys employees, Balaji Rao and Shailesh Agarwal. Clonect has built a ‘Compliance ERP’, a technology platform helping organisations to address the risk of non-compliance, company officials said.
Balakrishnan commented, “There are numerous regulations all across the world which is where Clonect is trying to fill a unique space, with a unique product with proper mentor-ship and support. We plan to make Clonect one of the largest home grown product company in India.” He added that the company aims at becoming $100 Mn Company by 2020. “The opportunities are huge and I think if they play it well they will create a great product company out of India.”
Clonect Co-Founder & Director Shailesh Agrawal also reported that the company also plans to foray in international market after its establishment in India.