Leading investors contributed a total of Rs 21.44 crore to Virtual Galaxy Infotech's pre-IPO investment round, the company said on Tuesday. According to a statement from the firm, it is currently preparing to submit its Draft Red Herring Prospectus (DRHP) to the stock exchange in order to begin its SME IPO.

Among the investors that took part in the investment round were former COO & CFO of Yes Bank Asit Oberoi, Ex-director of Electra Partners Asia Fund Jayaraman Vishwanathan, and Former Managing Director of RARE Enterprise Devnanthan Govind Rajan.

Additional investors include Darshan Gangolli, a former Executive Director at Altico Capital (a real estate fund); Abhishek More, the Founder and CEO of Digikore Studios; M Srinivas Rao, the former MD at the Bill and Melinda Gates Foundation, India; Umesh Sahay and Abhishek Narbaria, Co-Founders of EFC(I); and Amit Mamgain, Senior VP of Equity Sales at AMSEC. Shreni Shares has been designated by the business as the merchant banker for the first public offering.

Virtual Galaxy Infotech is an enterprise software and hybrid software as a service provider that creates products for the banking and finance industry. More than 150 clients have used its core banking product, called "E-banker," which it designed and executed. These clients include banks, societies, microfinance firms, and NBFCs. It has also provided ERP and e-governance solutions to government agencies, semi-government organizations, small and medium-sized businesses, and government bodies.

The 'E-banker' application uses mobile and cutting edge technology, including artificial intelligence, to provide sophisticated solutions. "E-Banker" is a real-time, centralized, web-based tool for regulatory compliance.