Virtual Galaxy Infotech Secures Rs 21.44 Crore in Pre-IPO Round

Virtual Galaxy Infotech has raised Rs 21.44 crore in its pre-IPO funding round from prominent investors. The company plans to file its Draft Red Herring Prospectus to launch an SME IPO. It offers hybrid SaaS and enterprise software solutions, including the core banking solution 'E-banker' for various financial institutions.

Virtual Galaxy Infotech announced on Tuesday that it has successfully raised Rs 21.44 crore in a pre-IPO funding round, attracting investment from several prominent figures in the finance sector.

The company now plans to file its Draft Red Herring Prospectus (DRHP) with the stock exchange in preparation for its Small and Medium Enterprise Initial Public Offering (SME IPO).

Among the notable investors are former RARE Enterprise Managing Director Devnanthan Govind Rajan, ex-director of Electra Partners Asia Fund Jayaraman Vishwanathan, and former COO & CFO of Yes Bank Asit Oberoi. Other investors include M Srinivas Rao, former MD at the Bill and Melinda Gates Foundation, India; Umesh Sahay and Abhishek Narbaria, Co-Founders of EFC(I); Darshan Gangolli, former Executive Director at Altico Capital (Real Estate Fund); Abhishek More, Founder and CEO of Digikore Studios; and Amit Mamgain, Senior VP of Equity Sales at AMSEC.

Virtual Galaxy Infotech offers a range of hybrid SaaS and enterprise software products tailored for the banking and financial sector. Its core banking solution, 'E-banker,' has been implemented at over 150 institutions, including banks, societies, microfinance companies, and non-banking financial corporations (NBFCs). The 'E-banker' application utilizes advanced mobile technologies and AI to provide a fully web-based, centralized regulatory compliance platform.

The company has also completed four projects funded by the World Bank, further showcasing its capabilities and expertise in the field.

(With inputs from agencies.)