Rajasthan Venture Capital Fund invests in Pune-based SoftTech Engineers
RVCF has picked a minority stake in the company through its SME Tech Fund, which invests across India in IT/ITeS, education, healthcare, agro products among other sectors.
As a part of the deal, Girish Gupta, CEO of RVCF, will join the company's board.
"The company has tremendous experience in civil construction and infrastructure ERP software products and the infusion will help it spread its wings both in new territories and product offerings. SoftTech's product AutoDCR has received excellent response from urban local bodies," said Gupta.
Founded in 1996, SoftTech Engineers focuses on the architecture-engineering-construction (AEC) vertical. SoftTech designs and develops software products for the structural design and construction industry under the names of AutoDCR, Opticon and PWIMS.
"The company has been witnessing growth from both its institutional clients, including municipal corporations in various states, government departments, etc, and private markets wherein builders and architects and construction companies have shown demand for software products developed by SoftTech Engineers. The capital infusion from RVCF will help the company increase sales and marketing, develop new products and enhance the existing ones," said Vijay Gupta, CEO, SoftTech Engineers.
National Venture Fund For Software and IT Industry, which invested in SoftTech in 2004, exited the firm in 2008 through a buy-back process.
RVCF invests in startup and mid-stage companies. It manages two SEBI registered domestic venture capital funds—RVCF Fund I and SME Tech Fundâ€“RVCF Trust II.
This is the first investment by RVCF this year. Last year, it had invested in two companies—N1 Media Consultancy Pvt Ltd and Chatha Foods Pvt Ltd through its SME Tech fund.
(Edited by Joby Puthuparampil Johnson)