Net4Nuts to raise $5 million

Priya Shrinivasan, Mumbai

Net4Nuts, an Ahmedabad-based company which has developed an integration platform that allows for seamless flow of information between applications to be provided over a range of devices, is in the process of raising $5 million from a strategic overseas investor, according to Mr Chirag Patel, Co Founder Net4Nuts. The company hopes to close this round in the next couple of months.

Net4Nuts has also acquired its first licensee - the US based Converge Labs which is in the business of providing voice and data services to cellular users without any change in the existing GSM handsets and with a minimum upgrade of network infrastructure.

Net4Nuts which is an investee of GVFL (Gujarat Venture Finance Ltd) plans to expand its business development operations in the US and part of the investment is to that end according to Mr Patel.

“Our product can be deployed as a front end or back end service depending on the client, which offers great flexibility” says Mr Patel. Net4Nuts is a server side solution which can be customized for the end user.

The company was set up in September 1999 by entrepreneur Chirag Patel and has a Board of Directors comprising professionals like Mr Sunhas Bhatnagar (Former Dean IIM Ahmedabad), financial consultant Mr Rajendra Chitale and Mr Abhay Havaldar who is now with the VC Fund - ConnectCapital, among others.

Net4Nuts currently has about 200 vendors (which includes a range of sites providing various services) and is working on a couple of more clients according to Mr Chirag Patel.