In a compelling story of growth and global ambition, Nagpur-based Virtual Galaxy Infotech (VGIL) is a Hybrid SaaS and Enterprise Software company that specializes in Banking, Financial Services, and Insurance solutions. The company has entered the African markets. With a presence in Tanzania and Malawi, VGIL is no longer just a domestic startup, it is fast becoming a global IT solutions player.
Virtual Galaxy – Product Diversification
This international foray is matched by the product evolution of VGIL. The company’s portfolio now has products such as:
- V-Pay: A full-fledged digital payment platform.
- E-Autopsy: An automation solution for hospital post-mortem departments.
- VGST: A solution to simplify GST compliance for financial institutions.
- LOS (Loan Origination System): Streamlining loan processes from KYC verification to disbursement and monitoring.
VGIL’s client base of commercial banks, NBFCs, Cooperative Societies and Saving and Credit Cooperative Organisations (SACCO) will largely benefit from this diverse product ecosystem.
Founded in 1997 by technocrats Avinash Narayanrao Shende and Sachin Purushottam Pande, VGIL has built a reputation as a trusted core banking solutions provider. The company has over 329 employees and services clients in more than 15 Indian states.
Revenue Building through Dual Strategy
Co-Founder and Managing Director Sachin Pande says, “We are following a dual revenue model of licensing and subscription. This allows us to onboard new clients as well as deepen relationships within existing organisations.” “This dual revenue model helps us to maximize market penetration and build trust with the clients”
According to Co-Founder and Executive Director Avinash Shende, the sales strategy of VGIL is direct sales through in-house teams in India and channel partnerships abroad. The company has two channel partners in Tanzania and one in Israel, strengthening its international presence.
Financials Before IPO
VGIL’s numbers speak volumes about its growth journey. For H1 FY 2025, the company has reported revenues of INR 71.61 crore and profits of INR 18.91 crore, up from INR 61.46 crore and INR 16.30 crore respectively in H1 FY 2024. After a successful pre-IPO funding of INR 21.44 crore, the company is now focusing on the IPO plans.
Virtual Galaxy IPO Utilization: Focused and Forward-Looking
The Virtual Galaxy IPO has garnered the attention of investors and the company has a clear plan for its utilization:
- INR 34.27 crore for capital expenditure, including a new development centre in Nagpur.
- INR 3.00 crore for loan repayment and prepayment.
- INR 5.05 crore for GPUs, servers and storage systems.
- INR 18.90 crore for product enhancement and maintenance.
- INR 14.06 crore for business development and marketing.
- The balance will be for general corporate purposes.
The Way Ahead
VGIL’s African foray along with strong financials and a clear IPO plan indicates a company that is not only expanding geographically but also technologically and in the market. With the BFSI sector undergoing digital transformation, VGIL looks well poised to benefit from both domestic and international opportunities.
For investors, stakeholders, and industry watchers, this is a story worth following closely.
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