Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Industry News

| More

IPO-bound Virtual Galaxy Infotech Expands Deep into African Markets

Posted On: 2025-03-19 22:37:57 (Time Zone: IST)


Virtual Galaxy Infotech Limited (VGIL), a Hybrid SaaS and Enterprise Software company serving the BFSI sector, today announced its strategic expansion into the African market. VGIL has established a strong foothold in key countries like Tanzania and Malawi, marking a significant milestone in the company's journey from a local startup in Nagpur, India, to a global IT solutions provider. This African expansion is a key part of VGIL's broader strategy to establish a worldwide presence and tap into new opportunities for growth.

With its footprint now extending beyond India, VGIL has also diversified its product offerings. The company recently introduced several advanced solutions, including V-Pay, a comprehensive digital payment platform; E-Autopsy, an automation solution for post-mortem departments in hospitals; VGST, which simplifies GST compliance; and LOS, a Loan Origination System designed to streamline the entire loan process, from KYC to disbursements and monitoring. These products are designed to meet the specific needs of VGIL's diverse clientele, which includes commercial banks, cooperative societies, NBFCs, and Savings and Credit Cooperative Societies (SACCOs) across multiple regions.

Elaborates VGIL's Co-Founder & Managing Director, Sachin Pande, "We offer our software solutions through both licenses and subscriptions, with a focus on growing our revenue by acquiring new customers and expanding the user base within existing customer organisations. This dual approach enables us to maximize market penetration and foster long-term relationships with our clients."

Simultaneously, VGIL is advancing its plans for an Initial Public Offering (IPO). The company recently closed a successful pre-IPO funding round, raising ?21.44 crore from investors. For the first half of FY 2025, VGIL reported revenue of ?71.61 crore and a profit of ?18.91 crore, up from ?61.46 crore in revenue and ?16.30 crore in profit during the same period in FY24, highlighting strong momentum and business expansion.

Avinash Shende, Co-Founder & Executive Director adds, "We have built our go-to-market strategy on a combination of direct sales and collaborations with channel partners. In India, we handle direct sales through our in-house team, while our channel partners and dedicated sales and business development teams manage sales in overseas markets."

As of September 30, 2024, VGIL has two channel partners in Tanzania and one channel partner in Israel.

VGIL's upcoming Initial Public Offering (IPO) has drawn significant attention, with plans to utilize ?34.27 crore of the total IPO proceeds for capital expenditure, including setting up an additional development facility in Nagpur, ?3.00 crore for repayment/prepayment of certain borrowings availed by the company, ?5.05 crore for procuring GPU, server & storage system at data centre, ?18.90 crore for funding expenditure related to enhancement, maintenance and upgrading existing products and ?14.06 crore for funding business development and marketing activities. The remaining capital will be used for general corporate purposes.

With a strong financial track record, an expanding global client base, and cutting-edge products that meet the evolving needs of the BFSI sector, VGIL is poised for even greater success as it navigates its African expansion and prepares for its IPO.

Founded in 1997 by technocrats Avinash Narayanrao Shende and Sachin Purushottam Pande, VGIL has grown into a trusted provider of core banking solutions. With a team of over 329 employees, VGIL currently serves clients across more than 15 states in India and is now actively expanding into international markets, including Africa, with ongoing efforts to further enhance its global presence.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Rays Power Infra Ltd Secures EPC Projects Worth Over ?2,000 Crore and Emerges as L1 Bidder for ?1,600 Crore Projects

Juniper Green Energy Commissions 100 MW Solar Power Project to Supply Cross-Border Electricity to Bhutan

Inflection Point Ventures backs Connektra.io through its IdeaSchool Program

NDR InvIT expands its portfolio with acquisition of high-quality warehousing and industrial properties worth INR 7,061 Million

RRP Electronics enters into strategic alliance with US-based Deca Technologies

Inflection Point Ventures Announces Successful Exit from Parablu with 2.2X MoM Return

Tech-First Laundry Startup Revivo Raises undisclosed amount in PreSeed Series A Round Led by Inflection Point Ventures

NaBFID Invests INR 7,450 million in NDR InvIT long-term bonds rated AAA/Stable to propel their portfolio expansion

Sustainable Investment Platform SustVest Raises $1.7 Million in Pre-Series A Round Led by Inflection Point Ventures and Antler

Amansa Investment invests Rs 40 crore private placement in IPO bound Standard Glass Lining Technology

MBG Card Raises ?2.72 Crore Led by IPV to Empower Digital Transformation for SMEs

pi Ventures Leads $2 Million Seed Round in Quanfluence to Advance Quantum Photonics Technology

GreenLine expands green logistics footprint with Exide Industries partnership

HSBC India launches its most prestigious credit card for its Global Private Banking clients

Reliance General Insurance Introduces Comprehensive Coverage with Annual Multi-Trip Rider for Global Travelers

Premium Lingerie Brand MHYTH Raises Angel Funding, achieves Over $1M Valuation Within a month of launch

FinX Raises $6M from Elevar Equity to revolutionise employability in the BFSI Industry

Navanc raises $1M seed funding to revolutionize Secured Lending with AI-Powered Property Score

Shubham Housing Development Finance raises Series F investment of INR 1,000 Crores+ led by Multiples Private Equity

IndiaFirst Life Launches 18 New Agency Branches in Less Than Three Months

Semicon startup Netrasemi raises Rs 10 crore in Pre Series A round from Unicorn India Ventures to build Edge AI

Accor Expands Premium Presence in South India with Pullman Chennai Anna Salai

Varthana Secures USD 15 Million funding from BlueOrchard Microfinance Fund to Transform the Affordable Education Sector in India

SIDBI Opens New Branch in Karnal to Boost MSME Growth in Haryana

Healthcare diagnostics startup Neuranics Raises $700K US Funding in Seed Round Led by Inflection Point Ventures

Homversity raises USD 1 Million in Pre-Series A in participation from Inflection Point Ventures and others

Agnik: The Cutting-Edge Mobile Trading App Revolutionizing Investing & Trading for Everyone by Master Trust

Cactus Partners leads $1.2 million round in ParkMate

WadzPay Secures SGD $50 Million Investment Commitment from GEM

Order For Health raises INR 1 Crore in Seed Series Round led by Inflection Point Ventures

Morgan Stanley Inaugurates State-of-the-Art Office in Mumbai

NSE's consolidated profit in Q2 FY25 up by 57% YoY to Rs 3,137 crores

DRRK Foods Invests ₹20 crores, Set to Expand its Rice Packing Unit Near Mundra

Groww's FY'24 revenue more than doubles to INR 3,145 crore

ThoughtSol's Carbon Footprint Analysis Sparks New Initiatives for Emission Reduction

World Biogas Association INDIA Congress 2024 Set to Unlock India's Biogas Potential

8i Ventures earns 12X return on full exit from M2P Fintech

Lifechart Raises $500K to Scale Full Stack AI-Powered Gut Wellness Solutions

Aniket Metals Pvt Ltd raises INR 550 Million in Private Placement Round from Bharat Value Fund

Alchemyst AI raises $300K in Pre-Seed Round led by Inflection Point Ventures, along with 100Unicorns & Early Seed Ventures

Muthoot FinCorp Ltd announces XVII Tranche II series of NCDs, aims to raise Rs. 250 crore

Millennium Babycares Ltd raises INR 1220 Million in Private Placement Round from Bharat Value Fund

Flyzy To Invest 10 Cr in Tryvisa, aiming to make it the Largest 'Made-In-India' Visa Solutions Provider

Furnishka Raises Rs. 27 Crore in Pre-Series A, bringing the total valuation to Rs. 45 Crore across Two Rounds

Magma HDI launches OneProtect - A Contemporary Personal Accident Insurance for Active Lifestyles

Conscious Chemist announces INR 12 Cr funding from Atomic Capital, welcomes Apoorv Gautam to the Board

ClayCo Cosmetics Raises $2 Million from Unilever Ventures to Scale Operations and Expand Product Portfolio

Icon Facilitators Limited targets Rs. 100 Crore revenue by FY27, Plans IPO to Fuel Growth

DRA Homes Acquires Prestigious Marina Mall Residences on OMR, Chennai

Preparing Future-Ready Talents in Auto Sector


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020