Leading private equity firm Business Oxygen has injected USD10 million investment in Genese Solution. The cloud service provider received the amount in two phases.
Business Oxygen made its first investment in Genese Solution in June 2021.
Business Oxygen (BO2) is part of International Finance Corporation (IFC)’s Global SME Venture. The firm primarily injects funds and offer technical assistance to bolster their growth.
Genese Solution Founder and Chief Technical Offer (CTO) Anjani Phuyal expressed his delight in the investment.
The investment will show that we are on the correct path. It will strengthen us and help us build a competitive team. She adds, “our objective is to develop technical resources in Nepal and aid the country’s digital transformation.”
Similar feelings were shared by Genese Solution Chief and CEO Siddhartha Raj Pandey. He said, “ICT is a flourishing sector, especially post after COVID-19, its efficacy and relevance has inflated. It is not an option for any enterprise to integrate technology for any business and institutions.”
“Our investment in Genese shows our faith in its team. The firm has made it their objective to make Nepal a strong IT hub and being a part of it makes us happy,” he added.
Also read: Business Oxygen to Invest $1 Million in Fusemachines
Genese’s Aiming Higher
Genese Solution is driven by strong motivations. Building on its resources and investments from BO2, it is seeking to become an internationally recognizable IT enterprise.
It will exploit the investments to form and upgrade its human resources and efficacy and build a strong base for ICT reinforcements.
Genese is already an international firm to start with though. The company has offices in 8 countries including Nepal where it has helped them with digital transformation.
It is providing cloud and software development to its clients and employs reliable web, mobile, big data, etc solutions for its services.
ICT is growing at an unparalleled pace after COVID-19. Do you think it is the best area for investment in Nepal right now? Do leave your opinion in the comments below.