Calcutta, Feb. 14: Erevmax Technologies, a subsidiary of Erevmax Inc, will sell its stake to venture capital (VC) funds to raise $15 million for expansion.

The Calcutta-based travel and hospitality software company will double its headcount in India by the end of 2008. It will also employ a global sales force of 100 people in London and New York.

The company, which has been valued at $40 million, expects to complete the stake sale within next month.

“We have been working on this for the last four months because we need VC fund support for our global expansion. Our London office will be operational in the next two weeks. We want to upgrade our New Jersey office and open another one in New York. We also want to have a sales force of 100 people in New York and London by the year-end,” said Reuel Ghosh, chief executive officer of Erevmax Technologies.

Erevmax employs 200 people in the city. “We have bought half-an-acre of land in Rajarhat to develop a 60,000-sq-ft facility and plan to invest Rs 20 crore,” Ghosh said.