Indian enterprise networking company called Lavelle Networks Pvt. Ltd, has raised around Rs 2 crore ($270,000) in a financing round. This round was led by infotech consulting and software services company ASM Technologies Ltd.
Following this funding round, the valuation of the company is expected to reach around $5.2 million (Rs 38.4 crore). This financing round has come eighteen months after Ideaspring Capital invested $600,000 (Rs 4 crore) in Lavelle.
The company is based in Bengaluru and was co-founded by Shyamal Kumar and Karthik Madhava in 2015. Lavelle offers a software-defined networking (SDN) platform for wide area network (WAN) management. WAN refers to a telecommunications or computer network that extends over a large geographical distance.
The main idea of the company is to provide SDN gateways and user interface to deploy, manage and monitor hybrid WAN networks. These are very helpful and provide services to industries like retail, banking, e-commerce, logistics and others.
In the fiscal 2016-17, Lavelle’s operational revenues declined to Rs 2.31 crore from Rs 3.82 crore the previous fiscal. Similarly, the gross expenses also reduced to Rs 2.10 crore for 2016-17, from Rs 3.82 crore in 2015-16. Net loss was at Rs 21.11 lakh for 2016-17, increased from Rs 54,047 the previous year.
On the other hand, backer ASM Technologies is a BSE-listed company founded in 1992. It provides its services in the US, Singapore, UK, Canada and Mexico.
The company provides consulting and product development services in the areas of engineering services and product research and development, according to the firm’s website. Also, it caters through its offshore development centers.