Sanovi gets $5 million investment from Betul Oil firm

BANGALORE - Leading IT disaster recovery management firm Sanovi Technologies India Tuesday announced that it has secured $5 million (Rs.22.2 crore) investment from Betul Oil group to expand its operations, including research and development (R&D) activities.

“The fresh investment ($5 million) will go into expanding the market reach of our disaster recovery management product and further R&D in our products portfolio,” Sanovi Co-founder and Chief Executive Chandra Sekhar Pulamarasetti said in a statement.

The Bangalore-based Sanovi manages disaster recovery environments and ensures that business applications can be recovered in compliance with service level agreements.

The Madhya Pradesh-based Betul Oil group is engaged in solvent extraction, refining of edible oils, manufacture and trading of de-oiled cakes, animal feeds, specialty ingredients and development of hybrid seeds for extracting oils.

“We have been looking for a suitable opportunity to invest in IT. Disaster recovery is a hot area and the addressable market size is large. This investment helps us enter into the attractive software product business,” Betul Oil Managing Director Shreans Daga said.

With the resilient Indian IT industry returning to growth path, Sanovi is targeting Rs.100-crore revenue over the next three years in the disaster recovery management space.

“Disaster recovery operations are complex and manual with no visibility into service level agreement (SLA) compliance. With increasing threats globally, organisations are looking to deploy resilient disaster recovery programmes,” said Pulamarasetti.

The company is also scouting for a strategic partner to support its expansion plans and create awareness about disaster recovery at the policy level.

“Disaster recovery management is an emerging space and a strong product portfolio is critical for any enterprise to grow, succeed,” added Pulamarasetti.