Enterprise technology startup Unotech Software has raised $2Mn Series A funding from Manish Choksi, promoter of Asian Paints. Along with the funding round, the company will also undergo a shift in its software architecture.
Unotech said it would evolve into an open source IT platform and services organisation with specialisation in identity management, business process automation and digital transformation. To enable the same, Unotech is revamping its digital brand presence and also relaunching its website to share its offerings under a new stratagem.
The fresh capital will also be used to reconstruct the company’s market presence. “Unotech Software is realigning its IT products and services to adapt to its new approach of rapid development, rapid partnership and alliances and rapid go-to-market, under the core pillars of access, automate and assist,” said Vikash Jha, Unotech’s CEO and CTO in a statement.
Founded in 2011, the Mumbai-based company claims to be dedicated to the cause of open source software and applications. The startup develops fully-customisable open source software based on each customer’s unique needs. It also offers effective substitution and automation techniques to organisations.
“We see the revamp of our core brand messaging and our digital presence a great fit for the new approach that we are adopting. We are looking forward to building upon our continued success to create an IT-enabled platform that encourages innovation, enables organisational and individual value and delivers greater user experience at unprecedented speed and scale,” Jha added.
Unotech believes that open source is the future and it not only fulfils technology requirements but also provides better returns on investment in the tech/IT sector. Manish Choksi, an active investor, helped the startup raise the required funds to scale up business through growth and global market expansion while also scaling up its capabilities and developing a growth-conducive, innovative ecosystem.
“Unotech now seems to be in a sweet spot of unprecedented growth as it increasingly enables organisations to become more scalable, agile and governance compliant. I am excited to invest in the Unotech Software’s growth story and I am hopeful that leveraging my experience and guidance, we will be able to co-create value for Unotech and its clients alike,” said Choksi in a statement.
Mosaic, which facilitated the funding process, was founded in 2002 by Vinay Shah to focus on advising mid-market corporates on mergers and acquisitions and fundraising from venture capital and private equity funds.
Correction Note | 14:20, January 29, 2020
Original report had said that the funding round was led by Mosaic Capital, which is factually wrong. It has been corrected to investment from Manish Choksi.