Pillai's India net boost

By THIS IS MONEY
Updated:

 

Joe Pillai, one of the co-founders of internet phenomenon Infobank, has invested a small chunk of his fortune in a company which specialises in linking British companies with computer whizz-kids in India and Dubai.

Resources on Net, formed last summer, provides British professional services companies, mainly web and software designers, architects and consultant engineers, with professionals in these fields whenever they find they have a shortage of skilled individuals.

Unlike other forms of outsourcing to the Indian subcontinent, this one is entirely online, which managing director Jody Chatterjee said 'makes all the difference in terms of speed, timing and control'.

Pillai has invested £500,000 of seed capital' for a 17.5% stake in Resources which he said was setting an important new direction for outsourcing.

He made 'several millions' as a co-founder of Infobank but resigned when it issued a profits warning that sent its shares crashing to 42 1/2p in September

1998. They have hit a peak of 4067p this year and now stand at 1162 1/2p.

Resources is expected to seek further financing through a private placing within months as it takes its concept into Europe.

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