CoreStack gets USD 8.5mn, to expand R and D in city

The four-year-old CoreStack’s cloud solution is deployed by several global enterprises to run efficient cloud operations for staying secure and compliant. Clientele in India and global markets engaged in financial services, healthcare, large IT services, ISVs, education services have reported an annual cloud cost savings of 20-60 per cent using the solution. All products are designed, built, and delivered from its Chennai R&D centre.

“As enterprises embrace the cloud as a part of their digital transformation initiatives, there is a pressing need for continuous and autonomous governance in areas of compliance, security, operations, cost, and consumption in a market valued to be $266 billion in 2020,” said Ezhilarasan Natarajan, CEO, CoreStack. Gartner, predicts the global public cloud service market to grow to $331.2 bn by 2022.

“The financial partnership andenterprise expertise of Naya Ventures, combined with Z5 Capital including our strategic investors will further catalyse our growth milestones. CoreStack team anticipates 3x growth in revenues in the next 12 months,”he added.

The company plans to add 20 more cloud specialists to its existing workforce of 64 in its Chennai R&D Centre by the end of 2020. The fresh financing round will bring CoreStack’s total funding to $13 million, enabling aggressive expansion. The company also expanded its Board with Dayakar Puskoor, MD, Naya Ventures, joining CoreStack’s Board of Directors.

CoreStack was founded in 2016 by veterans - Ezhilarasan Natarajan, Sabapathy Arumugam, Krishnakumar Narayanan, and Thiruvalluvar NB.