Bengaluru-based IT services provider Technodysis has raised ₹10 crore in debt funding from Recur Club, a debt marketplace specializing in financing startups and SMEs. This strategic infusion of capital is aimed at scaling Technodysis's operations, enhancing product development, and expanding its presence in key international markets.
Key Details:
- Funding Structure: The ₹10 crore comprises both secured and unsecured debt, allocated across the fiscal years 2023 and 2024.
- Utilization of Funds: The capital will be used to:
- Expand operations domestically and internationally.
- Develop and enhance IT service offerings.
- Strengthen market presence in the U.S., U.K., and Dubai.
- Financial Growth: Technodysis reported a revenue increase from ₹6 lakh in FY2021 to ₹20.25 crore in FY2024, with projections aiming for ₹35 crore in FY2025 and ₹200 crore over the next three years.
Founder's Background:
Technodysis was founded in 2020 by entrepreneur Nithyananda Nayak, who also serves as the company's CEO. Under his leadership, the company has expanded its service portfolio to include software development, cloud computing, cybersecurity, data analytics, and AI applications. Nayak's vision has been instrumental in driving the company's rapid growth and international expansion.
Funding Details:
Recur Club, co-founded by CEO Eklavya Gupta, facilitated the debt funding. Gupta expressed confidence in Technodysis's trajectory, stating that the company's rapid growth is inspiring and aligns with Recur Club's mission to support high-potential startups with necessary financial tools. This partnership exemplifies Recur Club's commitment to fostering innovation and scaling technology solutions.