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November 23, 2000
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iSeva raises $8-m funding from e4e

Fakir Chand in Bangalore

iSeva Inc., the US-based eCRM start-up, floated by Indian techies, has got a shot in the arm with the Santa Clara-based e4e Inc, agreeing to invest $8 million in its first round of funding.

With the four co-founders pooling in $500,000 towards the seed capital of the New Jersey-located company, the techies are confident of the paid-up capital meeting their fund requirements till the second quarter of the next financial year.

Neither company, however, disclosed the holding pattern or premium, if any, paid for the equity. Even the valuation made by e4e has been kept under wraps, ostensibly for the reason that iSeva is still a private company, set up only a year ago.

iSeva provides end-to-end customer relationship management solutions, including CRM business consulting, technology implementation, and a state-of-the-art customer contact centre in the US. The company intends to deploy the funds for ramping up its sales and consulting teams in the US market, besides augmenting the technology and operations facilities.

"We have already bagged two reputed banks in the US as our first two customers, and hope to rope in four more clients during the year. The game plan is to generate $5million revenues by the third quarter of the ensuing fiscal year and break-even by the fourth quarter of 2001," claimed iSeva CEO Gagan Sharma in Bangalore on Thursday.

As a focussed technology holding company (THC), which was co-founded by K B Chandrashekhar of Exodus and Jamcracker, e4e will be iSeva's co-entrepreneur, providing domain expertise, human resources, and operational logistics to offer infrastructure services in the US market.

"In the spirit of a joint venture, the THC of e4e will help iSeva to acquire new global customers, recruit senior talent in the US as well as India, and develop custom technology. A technology think tank will spot trends and market opportunities for enabling iSeva access cutting edge technologies," e4e managing director Sridhar Mitta, an ex-Wiproite, stated.

According to e4e CEO Somshankar Das, iSeva will be THC's core CRM investment, and will have the benefit of its expertise in synergistic technology areas.

Though iSeva operates in the Indo-US corridor with sales, marketing, and consulting office in New Jersey, it has also set up its Indian operations in Bangalore for back-end interaction and development support.

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