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Funding for growing software company

By on September 23 2008

Connectiva, a developer of software for telecoms companies, has secured investment of US$17 million (£9.2 million). The funding round was led by Bangalore-based NEA-IndoUS Ventures, with further backing from IFC (a member of the World Bank Group) and software giant SAP.

Returning investor Ovation Capital also participated in the round.

Vinod Dham, MD of NEA-IndoUS, will join Connectiva’s board along with Pravan Malhotra, senior investment officer at IFC.

Dham comments, ‘Connectiva is a strong fit for our portfolio, with proven and differentiated technology, rapidly growing revenue, and a unique business model that leverages the strengths of India.’

Headquartered in New York, Connectiva has offices globally and employs 300 people in Kolkata, India. Says CEO Avi Basu, ‘Connectiva does far more than mere outsourcing in India – we develop the very core of our intellectual property there.’

The company develops revenue and risk management software that helps companies manage fraud and credit risk, as well as analyse financial data.

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