Sloka Telecom receives funding from KITVEN
2011-04-12Sloka Telecom has received venture funding from Karnataka Information Technology Venture Capital Fund (KITVEN). The latest round of funding for the company underscores the market demand for high performance but simple solutions that reduce the time and effort needed to rollout broadband wireless networks through extremely compact radio units that can be put on any tower, lamp post, without need for a/c housing thus saving substantial cost in installations and operations for service providers.
Sloka Telecom received $0.6 million by venture capital funding from KITVEN. With its order books running at full capacity, the company will use the additional capital to boost its manufacturing logistics, streamline supply chain, and marketing.
"In the last couple of years, Sloka has evolved into a prominent player in the Broadband Wireless Access (BWA) market helping service providers, especially those offering services in unlicensed spectrum category, to rapidly and profitably rollout services. The investment by KITVEN is a testament to the market potential and Sloka's leadership position in this market," said Sujai Karampuri, cofounder and CEO, Sloka Telecom, "This round of funding will allow us to continue to increase market share and innovate further in providing a wider range of radio access network solutions that offer unmatched simplicity, reliability and value."
You Broadband and Cable India Limited based in Mumbai is one of the major customers for Sloka Telecom.
KITVEN, managed by Karnataka Asset Management Company Private Ltd, is contributed by Karnataka State Industrial Infrastructure development Corporation (KSIIDC), Karnataka State Financial Corporation (KSFC), Small Industries Development Bank of India (SIDBI) and Karnataka Bio-technology & Information Technology Services and targets investments in IT, Biotech and Nanotech sectors.
Kalozal Consultants Pvt. Ltd., Bangalore acted as investment banker for the transaction.
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