Page 34 - IACC Newsletter March-April 2014 Issue 03

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Indo-US Corporate News
Capillary Technologies to raise $15 million
Existing investors including Norwest Venture Partners, Qualcomm Ventures, Sequoia Capital, American Express Ventures to
participate in this round.
Bangalore-based cloud software services provider Capillary Technologies is in the process of raising around $15 million
(about Rs 90 crore) from its existing investors — Norwest Venture Partners, Qualcomm Ventures, Sequoia Capital, and
American Express Ventures, the corporate venture arm of American Express.
The fund-raising is likely to be completed by mid-July, after which the company will make an announcement, sources
said. “Several new investors had shown interest to invest in the company and the management received term-sheets
from others. But they have good relationship with the existing investors and so they decided to stick to them,” said a
Capillary Technologies officials, who did not wish to be named. “American Express Ventures had entered into a strategic
partnership with Capillary Technologies a few months ago. So, in that sense, they are not a new investor.” In 2012,
Capillary Technologies had raised $15.5 million from Norwest Venture Partners, Qualcomm Ventures and Sequoia
Capital. In February this year, American Express Ventures made a strategic investment in Capillary Technologies, which
was reportedly of $4 million. This was American Express Ventures’ maiden investment in India.
Capillary Technologies refused to comment on the development. “We would not want to comment on this at this point
in time,” said Aneesh Reddy, co-founder and CEO of the company.
Earlier this year, Reddy had told Business Standard that the firm was not looking at raising more funds. “Currently, we
are self-sufficient and don’t need money. With the $20 million raised so far, we are quite well-placed. This is a high-
margin business (accounting for about 65 per cent of the gross margins) and our churn is sub-10 per cent, which makes
us quite comfortable. We will look at series-B funding in early to mid-2015,” he had said. The Series B funding will be
used for global expansion, as Capillary Technologies has been looking to expand its footprint into newer geographies
over the past one year, sources said. Capillary Technologies provides customer relationship management (CRM)
solutions to retailers and has presence across India, Singapore, Malaysia, Greater China, UK, South Africa, the US, Dubai,
Australia and New Zealand.
According to the company's website, its clients include retail giants such as Marks & Spencer, Nike, Puma, Raymond,
Peter England and Lifestyle, along with food chains like Pizza Hut and Faaso's. “The investors will get a smaller stake than
what they had at the time of Series A funding,” the source said. The quantum of the stake was, however, not confirmed.
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Glenmark gets USFDA nod to launch anti-hypertension drug in US
Glenmark Generics Inc., USA, a subsidiary of Glenmark Generics, has been granted final abbreviated new drug approval
(ANDA) from the United States Food and Drug Administration (US FDA) for Telmisartan tablets, indicated for the
treatment of hypertension. Glenmark is to commence distribution of the product immediately.
Telmisartan tablets are Glenmark’s generic version of Boehringer Ingelheim’s Micardis. The approval is for the 20 mg, 40
mg and 80 mg tablets. For the 12-month period ended March 31, 2014, Telmisartan garnered annual sales of $250
million, according to IMS Health. Glenmark’s current portfolio consists of 92 products authorised for distribution in the
US market and 73 ANDAs pending approval with the USFDA. In addition to these internal filings, the company continues
to identify and explore external development partnerships to supplement and accelerate the growth of the existing
pipeline and portfolio.
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