NeoIt to invest $10m for expansion

NeoIt, an online global B2B IT services marketplace is planning to invest $10 million for its expansion program in India and the US. The fund will be used for Marketing infrastructure and human resource activities. The company hopes to net a revenue of $20 million in the current year the online marketplace will serve as a commercial bridge, linking buyers and qualified providers of software development and IT consulting services. Atul Vashistha, CEO, NeoIT, said, “We will raise our requirement of $10 million through venture capitalists (VCs). Of this,

$5 million will be from the US based VCs and the rest from Indian VCs.”