Excl: CADashboard in talks to raise up to $2M in VC funding

Pune-based IT services and consulting firm, MindChipps Consulting Pvt Ltd, which is behind a web-based dashboard connecting chartered accountants, company secretaries and tax professionals with their clients under CADashboard.com, is in talks to raise up to $2 million (Rs 12.5 crore) in venture capital funding, a top executive of the firm told Techcircle.in.

The company has appointed Surmount Advisors as banker for the proposed fundraising.

MindChipps is looking to raise capital for its cloud-based platform CADashboard that helps CAs to manage their communication with clients. The money will be used for product development and expanding its presence into north and west India.

"We are looking to dilute 20-25 per cent stake as part of the funding," said Sunil Bodke, co-founder of MindChipps.

MindChipps was founded in May 2010 by Bodke along with Sachin Niravane and Satish Bora. All the three co-founders have decades of experience in IT industry. Bodke and Niravane are IITians.

The company is focusing on IT effectiveness, application/product development and sourcing advisory. It is mainly catering to companies operating in the BFSI, energy & utilities, communication, media, transportation, manufacturing, and engineering and services domains.

MindChipps claims that around 196 company secretaries and CA firms have registered with CADashboard since April this year, of which 25 per cent are paid subscribers.

It has three annual payment plans between Rs 10,000 and Rs 25,000.

Currently, the firm employs around 20 people.

It had earlier raised an undisclosed sum in seed funding from a few US-based HNIs last year.

Bodke said that the firm is also in talks with some channel partners to sell CADashboard in the UK and Gulf countries.

In this segment, it is competing with CA Office Online, a provider of business solutions to CAs, tax professionals, tax consultants and corporates.

(Edited by Joby Puthuparampil Johnson)