Virtual Galaxy Infotech Limited (VGIL), a Hybrid SaaS and Enterprise Software company serving the BFSI sector, today announced its strategic expansion into the African market. VGIL has established a strong foothold in key countries like Tanzania and Malawi, marking a significant milestone in the company's journey from a local startup in Nagpur, India, to a global IT solutions provider. This African expansion is a key part of VGIL's broader strategy to establish a worldwide presence and tap into new opportunities for growth.
With its footprint now extending beyond India, VGIL has also diversified its product offerings. The company recently introduced several advanced solutions, including V-Pay, a comprehensive digital payment platform; E-Autopsy, an automation solution for post-mortem departments in hospitals; VGST, which simplifies GST compliance; and LOS, a Loan Origination System designed to streamline the entire loan process, from KYC to disbursements and monitoring. These products are designed to meet the specific needs of VGIL's diverse clientele, which includes commercial banks, cooperative societies, NBFCs, and Savings and Credit Cooperative Societies (SACCOs) across multiple regions.
Elaborates VGIL's Co-Founder & Managing Director, Sachin Pande, "We offer our software solutions through both licenses and subscriptions, with a focus on growing our revenue by acquiring new customers and expanding the user base within existing customer organisations. This dual approach enables us to maximize market penetration and foster long-term relationships with our clients."
Simultaneously, VGIL is advancing its plans for an Initial Public Offering (IPO). The company recently closed a successful pre-IPO funding round, raising ?21.44 crore from investors. For the first half of FY 2025, VGIL reported revenue of ?71.61 crore and a profit of ?18.91 crore, up from ?61.46 crore in revenue and ?16.30 crore in profit during the same period in FY24, highlighting strong momentum and business expansion.
Avinash Shende, Co-Founder & Executive Director adds, "We have built our go-to-market strategy on a combination of direct sales and collaborations with channel partners. In India, we handle direct sales through our in-house team, while our channel partners and dedicated sales and business development teams manage sales in overseas markets."
As of September 30, 2024, VGIL has two channel partners in Tanzania and one channel partner in Israel.
VGIL's upcoming Initial Public Offering (IPO) has drawn significant attention, with plans to utilize ?34.27 crore of the total IPO proceeds for capital expenditure, including setting up an additional development facility in Nagpur, ?3.00 crore for repayment/prepayment of certain borrowings availed by the company, ?5.05 crore for procuring GPU, server & storage system at data centre, ?18.90 crore for funding expenditure related to enhancement, maintenance and upgrading existing products and ?14.06 crore for funding business development and marketing activities. The remaining capital will be used for general corporate purposes.
With a strong financial track record, an expanding global client base, and cutting-edge products that meet the evolving needs of the BFSI sector, VGIL is poised for even greater success as it navigates its African expansion and prepares for its IPO.
Founded in 1997 by technocrats Avinash Narayanrao Shende and Sachin Purushottam Pande, VGIL has grown into a trusted provider of core banking solutions. With a team of over 329 employees, VGIL currently serves clients across more than 15 states in India and is now actively expanding into international markets, including Africa, with ongoing efforts to further enhance its global presence. |
