Foray Technology, a software development company engaged in the ERP space, is raising Rs 60 crore to expand its operations in a big way.
Online PR News – 22-March-2011 – – Foray Technology, a software development company engaged in the ERP space, is raising Rs 60 crore to expand its operations in a big way.
“We are on the verge of launching our ERP solution that caters to the manufacturing industry. The Manu ERP solution will find wide applications in the manufacturing and process industry, especially the fast growing automobile industry. We are planning to launch the solution on the cloud computing platform,” said Niranjan S, Managing Director, Foray Technology.
Explaining the advantage of cloud computing model, he said Foray’s Manu ERP provides real cost-benefits to the manufacturing companies. Cloud computing refers to a pay-per-use model and software and its applications will be available on the Internet and user pays as per the usage without spending much for them. The product will be priced in a cost-effective way to make it affordable to the SME segment.
On the company’s future plan, Mr Niranjan said, “Our focus will be on the product side. We will hit the market with a software solution for the Healthcare industry by the end of the second quarter or by early third quarter of the current year.
According to a study by Ernst & Young, the Indian healthcare industry is likely to touch $280-billion mark by 2020 from the current $40 billion. Healthcare has emerged as one of the most progressive and largest service sectors in India with an expected GDP of 8 per cent by 2012 from 5.5 per cent in 2009. It is believed to be the next big thing after IT and predicted to become a $280 billion industry by 2020.
“It is obvious that the healthcare industry is on a high growth orbit. We want to take the advantage of this growth phase, offering affordable solution to thousands of small and medium hospitals in India,” he added.
To fund the expansion programme, the company will raise Rs 60 crore though a private placement.
The company is also doubling its headcount at its Gurgaon development center.