Date:07/08/2008 URL: http://www.thehindu.com/2008/08/07/stories/2008080755311900.htm

Business

PreMedia gets fresh funding

Special Correspondent

CHENNAI: PreMedia Global Inc, a KPO (knowledge process outsourcing) firm in the high-end content services space, has raised fresh growth capital to fund its expansion into newer service areas and verticals. Promoted by the brother-sister duo of Kapil Viswanathan and Kami Narayan, children of late S. Viswanathan, who founded Bullet-maker Enfield, PreMedia has raised private equity to the tune of $ 4 million from NEA Indo-US Ventures.

This comes on top of the $18 million that PreMedia received from JM Financial in January this year.

Kapil Viswanathan said that fresh equity funds had come in at a ‘fair premium.’ Following the fund infusion, a nominee of NEA Indo-US Ventures has joined the board of the company. JM has already two representatives on the board of the company. Besides Mr. Viswanathan and Ms. Kami Narayan, the board also has a couple of independent directors.

A co-CEO of the company, Mr. Viswanathan said that PreMedia Global would utilise the funds thus raised to get into newer services such as media services, animation and e-learning. The company was also planning to make a foray into verticals such as corporate, legal and financial contents. It also announced that it had completed the integration of GGS Book Services, an outfit it acquired earlier this year.