Virtuoso Infotech sells 7.4% stake to HDFC
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Virtuoso Infotech, a Pune based enterprise software solutions company, on Monday said it has sold 7.4% stake of the company to HDFC Bank and subsidiary HDFC Securities.
The stake sale formed the first investment raise at the 2011-founded startup, as per a statement. The company did not disclose the amount of the funding.
Founded by CEO Preeti Nahar and CTO Yogesh Satpute, Virtuoso Infotech develops enterprise applications for web, cloud and mobile. The deal with HDFC will help the company scale by digitizing under-served and under-penetrated segments using digital solutions.
"We are looking forward to contribute and make a dent in digital universe with our joint capabilities. Bank has always been supporting companies that help them take digitization to the next level,” Satpute said.
As per its website, Virtuoso has serviced over 70 clients including San Jose, California based retail payments software services provider Verifone.
HDFC Bank’s recent other stake picks include government’s rural e-commerce initiative and platform Grameen e-Store, New Umbrella Entity (NUE) Ferbine, and financial stock investing startup Smallcase.