News Release On 28 Jan, 2008

Gujarat Venture Finance Ltd (GVFL) has decided to invest in VMukti Solutions, a company incubated at the Centre for Innovation, Incubation and Entrepreneurship at IIM-Ahmedabad, and Vadodara-based Century Pharmaceuticals.

“We will be making these investments from the Rs 20-crore Gujarat IT Fund and the Rs 50-crore Gujarat Biotech Venture Fund, respectively,” says GVFL chief executive officer Vishnu Varshney. The GVFL funding will also help the two companies in brand building.

VMukti Solutions, which is listed on Nasscom’s Top-100 Innovative Companies of 2006 and 2007, is in the development and marketing of products based on unified collaborative communication platform. Its product line of web convergence, peer-to-peer architechture and telecom applications caters to global telecom services players such as Bluesky, T-Mobile and Stercom.

Hardik Sanghvi, promoter of VMukti solutions says, “This fund will help us in building our applications and modules for our clients in future.”