Chennai-based accounting software firm Reach Process Outsourcing Ltd, which owns and operates Reachaccountant.com, is close to raising over $500,000 in its first institutional round of funding from venture capital firm Sequoia Capital. Started as Reach Tax in 2007, an online tax preparation service, the company rebranded to Reachaccountant.com, an online accounting software-as-a service (SaaS) application, in April 2010.
The brainchild of Robin Moses (founder and CEO), the company has a strong 150-member team and is already present in 10 cities in South India including Chennai, Goa and Bangalore, among others. It is now looking to expand to North India in the next two-three months. According to Moses, Reach Accountant, which calls itself an online version of Tally, has been doubling its revenues every quarter for the past year and has already bagged a 'few thousands' clients so far.
In a video interview with Techcircle.in, Moses talks about the company, its expansion plans, revenue generation and more.