Clonect Solutions, which is a Bangalore based compliance ERP provider offering compliance management solutions, enterprise governance and risk management has some high profile investors to its kitty. Recently, former Infosys CFOs and board members TV Mohandas Pai and V Balakrishnan have invested in the Bangalore based company.
Marking his maiden investment, V Balakrishnan has joined the esteemed list of angel investors who have high hopes from the Indian product ecosystem.
Clonect has been successful in raising around Rs. 1.5 Crore, which include Rs. 50 Lakh investment from Pai and Balakrishnan, for a minority stake in the company.
According to Balakrishnan’s statement to TOI, "Clonect gives a single view of compliance across the organization. It has a repository of all the documents on the compliance in a structured way with an audit trail at a click of a button."
Clonect stands for "Cloud Connect" was founded in May this year by two former Infosys employees Shailesh Agrawal and Balaji Rao. Ricago Compliance Management System (CMS) is the flagship product of the startup. The product caters to end to end compliance requirements, which include regulatory, internal and contractual compliance. CMS is available on the cloud and on-premise.
According to Rao, Section 134 of the companies Act, which requires the board of companies to file their director’s responsibility statement to certify that there is a compliance management system in the organization and all applicable laws are compiled with, has resulted in increase of opportunities for Clonect. Earlier, the onus was on the CFO and the CEO, but now it has shifted on the independent directors and board.
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