Coimbatore-based SaaS (Software as a Service) company Kovai.co is gearing up to emerge a billion-dollar entity by 2030 and making this industrial hub the next prime location for SaaS products in India.
The $10-million company, with offices at Coimbatore, India, and London, UK, recently acquired Cerebrata, a privately-held SaaS company based out of Udaipur in Rajasthan in a 100 per cent cash deal.
This, incidentally, is Kovai.co’s first acquisition. The decade-old company grew organically till 2019, before taking the plunge to accelerate growth with the acquisition of Cerebrata, said Kovai.co’s Founder and Chief Executive Officer, Saravana Kumar
Adding to headcount
Without divulging financial details of the acquisition, Kumar told
Kovai.co has acquired all the assets, IP, and team; however, the Cerebrata brand would remain independent for some time due to its historical brand value, he added.
The company, which has been sustaining with 40-50 people till last year, hasmore than doubled its headcount to 120+ over the last six to eight months.
“We are continuing to add 10-12 candidates every month, to keep pace with the growth momentum. We have since scaled up our infrastructure, invested $1.2 million in building and setting up a 40,000-square feet office in Coimbatore last year. We had to defer the formal inauguration (slated during April 2020) due to Covid-19,” he said.
To a query on talent pool availability, he said “we did struggle in the initial days; but in the last couple of years, we’ve managed to rope in candidates from universities in the region. Grooming them has been a challenge. We have, since the outbreak of Covid, started imparting training to the new recruits as in a classroom, grooming them to our requirements. The first batch of 25 candidates will be graduating later this month.”