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Ignitho on Track to Rs 100 Crore Revenue in 2023; Names New Head of Finance

In Business
November 17, 2021

Ignitho Technologies, a US headquartered digital engineering company, has set a target of INR 100 Crore (USD 15 Million) in revenue in 2023. This is on the back of new engagements that Ignitho has won with multiple Fortune 500 and Nasdaq listed companies in the US. To further give impetus to this exponential growth, Ignitho has named Sunitha Rajagopal, former Nielsen-VisualIQ executive, as its Head of Finance. Sunitha brings a decade of experience in the field of finance and was with Nielsen-VisualIQ for close to 9 years playing a pivotal role in its financial and taxation areas. She will manage Ignitho’s finance and compliance globally and will also be part of Nuivio Ventures, Ignitho’s parent company, supporting its initial fund raise planned for next year.

Welcoming Sunitha onboard, Joseph Olassa, CEO says, “Ignitho will benefit from Sunitha’s financial expertise and industry experience, which enabled her to play pivotal roles across both startups and enterprises. Sunitha joins us at the right time as we get ready to raise our first round of investment. Having bootstrapped with money from the founding team and with the potential to cross Rs 100 Crore (USD 15 Million) in revenue in 2023, a sizable investment into Nuivio Ventures at this stage will take us much faster towards our vision. Nuivio Ventures already have success stories like Ignitho and Piqual, and we are confident of getting to our vision of 50 SaaS companies and 50 entrepreneurs by 2030. We have started early conversations for $5-10 million in funding from the US and Indian investment communities.”

Scott Nugent, Chief Commercial Officer added, “Our unique model of entrepreneurship provides like-minded professionals a platform to fuel their startup dreams, starting the journey by building niche digital products for enterprises under Ignitho and later becoming co-owners in a product startup company under Nuivio Ventures. Our Ventures model also gives Enterprises the option to monetize the jointly built products into stand alone companies with a revenue generation plan. We collaborate with enterprises to nurture business ideas into viable products and then spin out standalone companies from these products. We are uniquely placed to enable success for these companies as our approach is ‘market first’, where the products are validated upfront by the enterprises.”

Established and led by industry veterans from top-tier IT services companies like Cognizant and Mindtree, Ignitho has built an enviable track record of being a challenger vendor in data led, cloud enabled, digital engineering services. Ignitho’s POD-based project teams come with a product engineering mindset and discipline in agile delivery, enabling digital agility and business growth for its clients. In addition, Ignitho’s parent company, Nuivio Ventures Inc., brings together an ecosystem of innovative enterprises, early-stage investors and passionate entrepreneurial professionals to build standalone software companies.