Released on = August 10, 2006, 3:12 am

Press Release Author = Sanjay Yadav of TechAxes

Industry = Software

Press Release Summary = TechAxes and Rajasthan Venture Capital Fund (RVCF) announced
today the signing up of agreement for early stage funding to TechAxes - a Business
Intelligence and Analytics software vendor from India.

Press Release Body = India -TechAxes and Rajasthan Venture Capital Fund (RVCF)
announced today the signing up of agreement for early stage funding to TechAxes - a
Business Intelligence and Analytics software vendor focused on BI product space. The
funding will be in the form of equity as well as optionally convertible debentures
(OCD's). RVCF (Rajasthan Venture Capital Fund) is managed by a private sector asset
management company in which RIICO and SIDBI are the major shareholders. TechAxes
offers business intelligence and analytics software, providing companies with one
complete solution for their many analytical needs. TechAxes web on demand
Dashboards, Query, Reporting and Analysis in a unified architecture allows end users
to access and view their organization's data from anywhere on the globe and analyze
meaningful information with ease.

According to Mr. Girish Gupta, CEO RVCF - Development of the product in India right
from day one, has helped TechAxes build value proposition which will be hard to
match by other BI vendors in BPM and Finance analytics space at the top end of BI
value chain. Furthermore, he thinks that the domestic markets will be benefited from
the rich global experience and background of Mr. Sanjay Harpavat, CEO TechAxes who
has spent more than ten years in the BI space in the US marketplace, and it will
help Indian companies adopt global best practices in financial consolidation and
reporting.

Mr. Sanjay Harpavat, CEO TechAxes, added "Starting in India makes tremendous
business sense as globally it is one of the fastest growing Business Intelligence
market today. Besides, availability of funding in the home state has worked as a
booster to our efforts in moving forward. Funding from RVCF is an endorsement of our
capabilities as a team and our plans to grow as an upcoming enterprise from
Rajasthan, India into the global BI marketplace". He strongly believes that the
TechAxes BI suite will offer businesses an unparalleled value proposition in terms
of high-performance, high-definition business analytics solution at the lowest TCO.

Unlike other BI vendors and industry pricing trends, TechAxes offers a unique
pricing model to its customers. Clients will have the option to choose Planned
Complementary Consulting Services (PCCS) along with Product licensing. This pricing
approach will give customers an unwritten guarantee to assess and bring down TCO
during the complete BI lifecycle. He added that the customers are really looking for
simple, quick-to-deploy and reasonably-priced solutions and TechAxes provides just
that by offering low-risk, immediate ROI solutions to the clients.
About RVCF
The Rajasthan Venture Capital Fund (RVCF) aims at investing in companies in India
with focus on Rajasthan and NCR such as Delhi, Gurgaon and Noida. The Fund\'s
investment in companies is through the route of equity, quasi-equity and debt
instruments. RVCF is being managed by a private sector Asset Management Company,
Rajasthan Asset Management Company Pvt. Ltd. (RAMC) having RIICO, SIDBI, Private
Sector IT companies, Bank of Rajasthan and employees as the share-holders. RVCF
which is operating out of Jaipur has already committed its First Fund in IT and
Retail sectors and is raising Iind Fund with a corpus of Rs 100 crore.
About TechAxes
TechAxes offers business analytics software, providing companies with one complete
solution for their many analytical needs. TechAxes web on demand Dashboards, Query,
Reporting and Analysis in a unified architecture allows end users to access their
organization's data from anywhere on the globe and view meaningful information with
ease. TechAxes Integrated Analytics Solution and efficient use of Service Oriented
Architecture (SOA) makes it much more versatile by getting customized to the end
users requirements of integration, scalability and performance. TechAxes packaged
analytical solutions covers multiple domain verticals - BFSI, Telecom, IT/ITES,
Manufacturing and Retail.



Web Site = http://www.techaxes.com

Contact Details = RVCF Contact Person:
Mr. Mahendra Lodha
Vice President (Investment)
Rajasthan Asset Management Co. Private Ltd.
414, RIICO Wing, Udyog Bhawan, Jaipur.
Phone: 0141-5113225/ 98290-66878

TechAxes Contact Person:
Mr. Arvind Iyer - aiyer@techaxes.com
#121 Hosur Main Road ,Madiwalla, Bangalore - 520068
Tel : +91 080 64500673 - 75

Mr. Jai Kumar - jkumar@techaxes.com
#10 Vivek Vihar, Near Gandhinagar Rly. Station, Jaipur - 302015
Tel : +91 141 2700586, 2706812