Date : 30-06-2015 Platform/Online Media:: Your Story Source
MyCFO gets funding from Koticha
CHENNAI: MyCFO, which provides finance-related services to clients across industry verticals, has raised $1.5 million (Rs 7 crore) as Series A funding from Monik Koticha of the ASK Group.
"Koticha has invested in his personal capacity for a significant minority stake in the company," sources said.
The funds raised would be utilized towards technology upgradation, geographical expansion and investment in senior talent, sources said.
The funds raised would be utilized towards technology upgradation, geographical expansion and investment in senior talent.
The company currently has 135 full time chartered accountants on its rolls across seven cities in India.
MyCFO works on tenures that are one year plus with clients. The revenues are on monthly basis or a milestone met model.
"We act as an interim CFO and it is a fully onsite model where the goal is bring in financial effectiveness into the organization," founder director of the company Deepak Narayanan said in an earlier interview.
Nearly half the company's revenues come from startups and other private companies who are on the lookout for private equity investment.