Tracmail gets $10 mn for expansion

PRACHI VERMA / New Delhi

Mumbai-based Tracmail, a subsidiary of Tracmail Inc. is in the process of closing its third round of funding by raising $10 million from existing investors and promoters. In its first two rounds, the company raised over $11.5 million from US-based venture funds, the View Group and eTech Ventures.

“We are in the process of closing our third round wherein we would have raised around $10 million from existing investors as well as promoters. The funds from the third round will be used to ramp up our facility in Mumbai and set up another centre in Pune,” Tracmail chief operating officer Arjun Vaznaik said. It was reported earlier that the company was planning to raise $5
million.

The company has a 400-seat facility in Mumbai and is looking at adding another 300 seats. “Around 300 seats will require funds in the range of $5-$7 million,” he said.

Tracmail has chalked out its growth plans in terms of phases. As part of its first phase, it is looking at a ramp-up in its existing facility in Mumbai and a second centre in Pune. “As part of our second phase, we will be looking at setting up a centre outside India, probably in Philippines or Sri Lanka,” Vaznaik said.

Tracmail is serving six clients in the financial services, telecommunications and retail verticals. Tracmail Inc. had entered into an IT-enabled services (ITES) joint venture in India with Stream Technologies. Solectron, a $2 billion hardware manufacturing company had bought over Stream’s stake in the JV.

As a result, Tracmail Inc. now holds 51 percent while Solectron has 49 percent in the venture called Stream Tracmail.

— The Financial Express