NEW DELHI, June 16: IT firm G7CR expects to double its revenue to Rs 200 crore by March 2021 on account of new customer wins and overseas expansion, a top company official said.
The Bengaluru-based company started to focus on the cloud business three years ago and now develops its own products to help firms in migrating their current system to cloud computing.
“Our track record, recent developments and expansion plans encourage us to believe that we are on track for Rs 200 crore revenue in next financial year. For one, there are customer acquisitions that we are hopeful of to double our revenue to Rs 100 crore by this fiscal end,” G7CR Technologies’ founder and Managing Director Christopher Richard said.
The company, incorporated in 2012, claims to have clocked revenue of Rs 53 crore in 2018-19 and is now eyeing the Rs 100 crore mark this fiscal on account of new customer acquisitions and margins coming from its own products.
“Added to this is our expansion plans underway in Singapore, UK, US in the next couple of months and Middle East by February. All in all, the forecast, along with our unique value propositions, should see G7CR Technologies double the current fiscal’s revenue in 2020-21,” Richard said.
The cloud technology provider’s customers include SBI Life, Pune Urban Co-op Bank, Wockhardt and Symphony.
“We are Microsoft partners. Microsoft did USD 116 million business in India last year out of which USD 12 million today is ours,” Richard said.
G7CR currently employs around 150 people and plans to have a 12-member team in all its four overseas offices to start with.
“We have around 20 per cent (workforce) dedicated to architectural because, we are not sales led, we are technical led. Our entire sales team are architects which offers solution to customers. We have around 60 per cent of the work force which is basically into support services and 20 per cent is into IP (intellectual property) development,” Richard said.
He said some of the companies are interested in investing in G7CR but raising funds from external sources is not the focus of the company.
“We might raise our first funding this year but to be honest that is not something we are aggressive about. We have only spoken to people who have approached us proactively. I believe it might happen this year because we are very close to one company which would like to invest in us. This year we might raise around USD 20 million,” Richard said. (PTI)
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