CHENNAI: A venture fund from Mauritius has decided to invest $3 million into Everonn Systems India Ltd. Everonn is among the early ones to get funding from India China Pre IPO Equity (Mauritius) Ltd., a company managed by ST Asset Management of Singapore.

This is the first time that Everonn, a knowledge management, education and learning solution company, has gone in for an institutional equity funding. Everonn has an equity base of Rs. 8.96 crore. The promoters hold 56 per cent stake in the company. A few individual investors hold the balance of the equity.

P. Kishore, Managing Director of Everonn, said the fund infusion would come through allotment of fresh equity to the nascent India China Pre IPO Equity (Mauritius) Ltd., a fund focussed on investment in India and China.

The Managing Director said the Rs. 31-crore Everonn was in the process of putting in place a virtual live interactive learning process. The company had landed a large order from West Bengal to implement a project on computer course in over 550 schools on a BOOT (built, operate, own and transfer) basis.

Everonn, he said, had a running project in Tamil Nadu to set up IT infrastructure and education in around 330 schools. The company had also set up its own VSAT (very small aperture terminal)-based education network with a studio in Chennai to offer a range of educational and training programmes to assorted segments of students across various categories, he said.

With all the new initiatives under way, Everonn, Mr. Kishore said, would scale a top line of Rs. 50-55 crore in the current financial year. According to R. Kannan, Director, the company reported a profit before tax of Rs. 6.50 crore last year.

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