GVFL invests Rs 30 mn in CEON Solutions

Ahmedabad, Mar 20 (UNI) GVFL, a venture capital company, has invested Rs 30 million in CEON Solutions Pvt Ltd, a company incubated by the Centre for Innovation, Incubation and Entrepreneurship at Indian Institute of Management Ahmedabad (CIIE-IIMA).

CEON Solutions Pvt Ltd is a solution provider making education-centric applications. ''Their flagship education process management solutions, ''i-School'' helps integrate, streamline and enhance the operational efficiency of schools,'' Mr Vishnu Varshney, CEO of GVFL Ltd here said in a release. GVFL would be investing Rs 30 million in CEON. This would be GVFL's second investment in an incubator company. It had earlier invested in Rapid Radio Solutions.

''GVFL has always focused on early and seed stage investments.

With investments in incubators we are trying to help grow entrepreneurship from the grass root levels. I feel that unless small enterprises are encouraged today, we won't have any entrepreneur-led mega successes tomorrow,'' Mr Varshney said.

CEON Solutions is the 59th investment being made by GVFL and it is the 7th investment from the Rs 270 million Gujarat IT Fund. GVFL has previously invested in Net4Nuts, E Cube, Icenet, Anupam Globalsoft, Convergelabs and RapidRadio from the IT fund.

GVFL investment will help CEON Solutions to execute its aggressive marketing strategy for establishing its market presence across the nation. GVFL's mentoring and nurturing will also help CEON Solution in its fast growth phase in the coming future, Abhay Panjiyar, CEO of CEON Solutions Pvt Ltd added.

''We feel CEON's i-School would be useful for schools to gain competitive edge by improving the operational efficiency of schools in addition to minimizing workloads of teachers,'' Mr Varshney added.

UNI