SUMMARY
— The fresh flow of funds will help the startup expand its market presence, upgrade its customer service capabilities and ramp up R&D
— With the investment, the Raoji Group entity aims to expand its presence in Kerala
— The India cloud computing market is predicted to reach $35.15 Bn by 2033 with a CAGR of 18.54%
Ramoji Group’s food manufacturing arm Ushodaya Enterprises has announced an undisclosed “strategic” investment in Kochi-based cloud hosting solutions provider FlexiCloud Internet.
With the fresh flow of funds, the startup will expand its market presence, upgrade its customer service capabilities and ramp up research and development (R&D).
“This investment will greatly strengthen our technological resources, enabling us to offer cutting-edge solutions that are both innovative and scalable,” FlexiCloud’s CFO Binu Mathew said.
Founded in 2017 by cofounder Vinod Chacko, FlexiCloud is a PaaS (Platform as a Service) startup that helps enterprises scale their digital businesses via its cloud offerings. It offers tailored server options, strategic deployment locations, and extensive application management to its enterprise clients.
It counts the likes of Harvard Medical School, Isuzu, and Times of India among its top clients. In the PaaS space, FlexiCloud competes with the likes of Backup Guru, Fynd, and Palmtree Infotech.
Established in 1980, Ushodaya Enterprises manufactures pickles, masalas, culinary pastes, and instant mixes, among others, under its registered trademark Priya Foods.
With the investment, the Raoji Group entity aims to expand its presence in Kerala. “We are thrilled to mark our entry into Kerala with this strategic investment. FlexiCloud’s dedication to innovation and customer-centric solutions perfectly aligns with our values,” Ushodaya Enterprises’ chief investment advisor Karthik Vidyasagar said.
Besides entering the Kerala market on the back of this investment, the company is also looking to enter the growing cloud computing space. According to a recent report by SPER market research, the India cloud computing market is predicted to reach $35.15 Bn by 2033 with a CAGR of 18.54%.
Crucial to note that this market is largely dominated by tech giants such as Google and Amazon. Both players have been deepening their presence in the Indian market. For instance, Amazon Web Services (AWS) announced to invest $12.7 Bn in the country by 2030. The investment is expected to go towards the upgradation of its cloud infrastructure.
To maintain an open field for homegrown entities, the Centre initiated work on a scheme that will incentivise Indian companies, especially MSMEs, to come out with new cloud solutions in June last year.
