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Locuz looks to step into Rs1,000-cr club
Locuz Looks to Step into Rs1,000-cr Club, City-based Locuz Enterprise Solutions Ltd. The city-based software firm, which was set up with `1 crore capital about 13 years ago and achieved `200cr business last fiscal, is poised for a giant leap now
The city-based software firm, which was set up with `1 crore capital about 13 years ago and achieved `200cr business last fiscal, is poised for a giant leap now
City-based Locuz Enterprise Solutions Ltd, established with a modest seed capital of Rs 1 crore nearly 13 years ago, is now poised for a giant leap with its total business expected to touch Rs 1,000-crore mark in five years time.
Founded by Vijay Wadhi and his technocrat friend Uttam Majumdar in 2000, Locuz, which focuses on system integration and cloud-based IT services, has achieved Rs 200 crore business last fiscal. 3i Infotech, once promoted by ICICI Bank, acquired 74 per cent stake in the company for Rs 16 crore in 2008 while the remaining stake is held by the two promoters.
“It took us almost ten years to cross the first milestone of Rs 100 crore which we achieved in 2010. After that, we never looked back and our efforts helped the company double its revenues to Rs 200 crore in just three years,” Vijay Wadhi, who is also the company’s Managing Director and CEO, told The Hans India. According to him, investment from 3i Infotech propelled the company into high growth trajectory and helped it compete for large projects. In the last 13 years, Locuz has handled several major projects. Foremost among them is the system integration work it has undertaken for ISRO’s prestigious Chandrayan project.
“Only major companies such as Wipro could have handled such projects. But we have done it and still doing the maintenance work,” he said. The company is also into high performance computing now, where it enjoys leadership position, he added.
Initially, Locuz carried out operations from its base in city. “We commenced our operations in the city with six employees. Subsequently, we expanded to other cities such as Bangalore, Pune, New Delhi and Chennai,” he said. Nearly 45 per cent of its revenues come from Bangalore centre where it also undertakes R &D activities. Its delivery centre is located in Chennai.
At present, the company has over 300 clients from India and abroad. “We get work from at least 150 clients every year. And our client base is expanding,” he added.
