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Comat Technologies to raise $15 mn

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Bangalore-based 10-year-old e-governance solutions provider, Comat Technologies Pvt. Ltd is looking to raise $15 million as part of its second round funding in national expansion.

In the first round, the company divested 10.5 per cent stake to raise $5.5 million from Hughes and Intel Capital. The company is planning to roll out INR 200-crore plan to expand the business all across the country. While INR 60 crore is being raised through PE funds, the balance will be debt from banks and financial institutions. Comat is already executing e-governance projects in Karnataka, Haryana, Sikkim, Tripura and Uttarakhand. Now, Comat is bidding for projects in Madhya Pradesh, Uttar Pradesh, Punjab, Rajasthan and Tamil Nadu. The company is intending to open 10,000 kiosks across the country in the next two years. Each kiosk will see an investment of INR 1.5 lakh to INR 1.8 lakh. The company has already received contracts to set up 1,200 kiosks in Haryana, Uttaranchal, Sikkim and Tripura.

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