William Bissell, managing director of ethnic retail firm Fabindia, has invested $2 million (over Rs. 12 crore) in education technology start-up Foradian Technologies. Foradian provides cloud-based enterprise resource planning solutions to educational institutions. The product, Fedena, is available in both free and paid models and is used by over 40,000 institutions in over 100 countries in Latin America, Africa and Asia. About 2,000 institutions are its paid users. The company, which has a team of over 30 employees, intends to use the funds for further product development and to expand geographical reach. Foradian is profitable and aims to earn $3 million (over Rs. 18 crore) revenue this fiscal year. It was founded in 2009 as a web development firm based out of the north Kerala district of Kasargod, before moving to Bangalore in 2012.
Source: Economic Times
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