Nevales Networks takes in Seedfund as Strategic Investor

Nevales Networks, an Indian startup company offering cloud based network security services to Small and Medium Enterprises, received an investment of undisclosed amount from Seedfund, India’s leading early-stage venture capital fund, for product development and to expand operations in India.

Mumbai, India. Apr 5, 2011: Indian startup company, Nevales Networks that delivers comprehensive and affordable Security on-Demand services to Small and Medium Enterprises (SMEs), today announced that they have received an investment of undisclosed amount from Seedfund, India’s leading early-stage venture capital fund, for product development and to expand operations in India.

Indian SMEs, one of the fastest growing segment, is also the most aggressive in adoption of cloud based services because of its ability to cut costs, reduce the need for capital expenditure and also provide their businesses with competitive advantage putting them at par with their global counterparts.

Established in January 2010, Nevales Networks was founded by Silicon Valley-based IT entrepreneur Kaushik Thakkar, along with Sunija Rishi, a marketing professional and Ravishankar, an experienced Banker.

Nevales Networks delivers SMEs comprehensive and affordable Security on-Demand services that provide a secure and scalable environment to conduct business. Nevales provides SME owners a security services platform that is on-demand to connect securely and access the benefits of the cloud. By doing so, the SME company can protect its own assets and better leverage cloud services.

Nevales’s subscription based security offering that is free of maintenance, licensing and scalability issues, typically bundles everything into its single subscription fee - including automatic updates, maintenance and 24x7 technical support, thus enabling organizations to eliminate upfront costs, providing a predictable cost structure, and ensuring quality of service and the freedom to re-evaluate the solution decision any time making it highly suitable for SME. Nevales has customers from various verticals, including education, healthcare, travel, finance, manufacturing, auto, among others and is looking at expanding it further.

Speaking on the investment, Ravishankar, CEO, Nevales Networks said, “Nevales Networks is capitalizing on the powerful combination of a low cost, high demand offering to fast growing SME markets. The investment by Seedfund comes at the right time as Nevales is looking at expanding its solution offering and planning aggressive expansion. We are happy to get support from one of the leading early stage venture capital fund in the country. We believe they will add value to the long-term growth of the company.”

Seedfund is India’s leading early-stage venture capital fund, with operations in Mumbai, Bangalore and New Delhi. Seedfund was founded in 2006 by Pravin Gandhi, Mahesh Murthy and Bharati Jacob, and the team has grown to include Anand Lunia, Paula Mariwala, Sanjay Anandaram and Shailesh Vickram Singh.

Pravin Gandhi, Founding Partner at Seedfund said “We are very pleased with our investment in Nevales Networks and we believe it is one of the most promising companies in the cloud based services space for SMEs. Our investment is aimed at accelerating the product development pace and operations expansion in India. Seedfund always invests in the most promising companies with big potential, and Nevales perfectly matched our requirement. We believe, with its customer service focus, superior product and services, experienced team and continuous effort in innovation, Nevales will make significant growth.”

Seedfund mostly targets technology driven companies and encourages young entrepreneurs. Seedfund has been quite successful in funding companies that need help at an early stage. Some of the startups that have received funds from Seedfund are Printo, Carwale, Redbus, Agencyfaqs, Rupeetalk, Healthizen, Thinklabs, Vaatsalya, EduSports, Ixsight, Lifeblob and Uhuroo.

About Nevales Networks Pvt. Ltd.

Nevales Networks Private Limited is a privately held company headquartered in Mumbai, India. Established in January 2010, Nevales Networks offers Small and Medium Business’s a secure environment to conduct their business on a ‘Pay As You Use’ model. This secure platform is delivered over the Internet with free 24/7 support and is free from licensing, scalability and maintenance hassles, there by providing the best value for money and allowing SMEs to focus on their core businesses.

Nevales Networks was founded by Silicon Valley-based IT entrepreneur Kaushik Thakkar, who also co-founded PortWise, Syntensia and NewsCollective, along with Sunija Rishi, marketing professional and Ravishankar, an experienced Banker. Sunija Rishi was previously head of marketing for the banking and finance at PortWise, and also co-founder of Syntensia and NewsCollective. Ravishankar comes with great experience in the banking sector, was most recently the Group Executive Vice President at YES Bank, and has also worked in senior positions at ABN Amro and HDFC Bank. Ravishankar is also the CEO of Nevales Networks.

Nevales Networks’s vision is to become the leading Business Network for SMEs providing 24/7 services and applications for connectivity, security, communication, transactions and business using Software as a Service (SaaS) model.

About Seedfund

Seedfund was founded in 2006 by Pravin Gandhi, Mahesh Murthy and Bharati Jacob, with the backing of Google, Motorola, Reliance ADAG and other investors. The team has grown to include Anand Lunia, Paula Mariwala, Sanjay Anandaram and Shailesh Vickram Singh.

Seedfund investees include Printo, Carwale, Redbus, Agencyfaqs, Rupeetalk, Healthizen, Thinklabs, Vaatsalya, EduSports, Ixsight, Lifeblob and Uhuroo.