Sasken did not disclose the extent of dilution of stake. Sasken's chairman and CEO, Rajiv Mody said that new shares are being issued to the Partners. Sasken has become the first Nokia Growth Partners portfolio company.
The funds would head towards fueling growth, working capital requirements and tapping opportunities in merger and acquisition space, Mody added.
Sasken clocked $36.4 million in revenues in 2003-04. "We are seeing 30 to 35 per cent growth in revenues", Mody said.
"Net profits will stay ahead of top-line growth". He said the company would come out with an initial public offering sometime this year to raise over Rs 100 crore (Rs 1 billion).
"We are on our path towards the listing process. We are definitely looking at listing the company by year end. We are in the process of filing a red herring prospectus," he said.
Chief Financial Officer Neeta Revankar said promoters hold more than 50 per cent equity stake in the company, which has an employee strength of 2,300, including 1,700 professionals in the wireless space.
Other investors in the company are Intel ($4 million) and global networking major Nortel Networks ($10 million).
Chief Technology Officer G Venkatesh said the company, which started operations in 1989, has filed 27 patents and five patents have been awarded.
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