CloudVerse, the VNG backed, Multi-Cloud FinOps SaaS platform announced its intent to grow in the fast growing Indian public cloud service market. It also announced the appointment of Manoj Chugh, a well known IT industry leader on its Board of Advisors. The Indian Cloud market is expected to grow at a CAGR of 23% to more than US$13 billion by 2026 according to IDC.
On the journey of digital transformation and market expansion, many companies are increasingly moving their IT workloads to the Public Cloud Service Provider to meet their business needs. However, this also shifts how businesses consume the IT services as they move from fixed cost model of on-premises to the variable cost model of cloud, which requires different mindset and tools.
Additionally, many of the organizations use more than one public cloud service provider, thus increasing the complexity in governance, cost management, security and data management.
According to estimates by Gartner, organizations could end up overspending by 70% on cloud services without a cost optimization strategy & tools in place. Organizations need tools to continuously monitor their consumption and make adjustments to,\ leverage the Variable Cost Model of the Cloud.
CloudVerse, looks to address this problem by providing a centralized platform for multicloud resources management. CloudVerse platform provides tools to manage Cost Allocation, Usage & Cost Monitoring and making Cost Optimization Recommendations. CloudVerse has integrated with most large public service providers including Amazon Web Services (AWS), Microsoft azure (AZURE) and Google Cloud Platform (GCP) amongst others.
India with a fast expanding cloud market provides CloudVerse an opportunity to enter this market after establishing its presence across Asia. Manoj Chugh’s experience as the President, Enterprise Business , Tech Mahindra, where he led their business across 70 Global markets and prior to that as the leader of Global Accounts for APJ with EMC, amongst others would help fast track growth of the company.
Speaking about the announcements, Chand Deshwal, Founder and CEO, CloudVerse, said “Over spending and waste in cloud consumption is an increasingly challenging problem for organizations. As the Cloud spending continues to grow, we aim to provide organizations with Cloud Cost and Resource Optimization tools to eliminate the waste, at a time when enterprises will look to manage costs in a slowing economy. I am excited that we will have the benefit of Manoj’s experience on our Board of advisors to help chart out our growth strategy.”
“I am excited to join on the board of advisors for CloudVerse. Chand and his team have an excellent solution for addressing the pain points of CIO’s working in a multicloud environment. I look forward to working with them on their expansion plans.” Added Mr. Manoj Chugh.