Clonect has raised Rs 1.5 crore, including Rs 50 lakh from Balakrishnan and Pai, for a minority stake in the company.
Former Infosys CFOs and board members V Balakrishnan and TV Mohandas Pai have invested in Bangalore-based compliance ERP provider Clonect Solutions that offers enterprise governance, risk management and compliance management solutions, as reported by Economic Times.
Clonect has raised Rs 1.5 crore, including Rs 50 lakh from Balakrishnan and Pai, for a minority stake in the company. "Clonect gives a single view of compliance across the organization. It has a repository of all the documents on compliance in a structured way with an audit trail at a click of a button," said Balakrishnan.
Clonect was founded by two former Infosys employees Balaji Rao and Shailesh Agrawal in May this year. The start-up's flagship product — Ricago Compliance Management System (CMS) — handles end to-end compliance requirements, including regulatory, contractual and internal compliances. It's available on-premise and on the cloud.
"The opportunity for us is enhanced with Section 134 of the Companies Act that requires the boards of companies to file their directors' responsibility statement to certify that there is a compliance management system in the organization and all applicable laws are complied with. Earlier, the onus was on the CEO and CFO, but now it's on the board and independent directors," said Rao.