Indus Insights raises Series A funding from Unilazer and Hive India
The Indian Big Data company will use the funds to expand the team and scale up sales and marketing efforts across the globeBy Twishy Shahi 06 Aug, 2014
Indian Big Data firm Indus Insights has raised an undisclosed amount in Series A round of funding from Ronnie Screwvala’s Unilazer Ventures and Hive India, the startup fund launched by Patni siblings — Amit and Arihant Patni.
The funds will be used to expand the team and scale up sales and marketing efforts across the globe.
“Ronnie is one of India’s most successful first generation entrepreneurs, and we look forward to his and the Unilazer team’s involvement in taking Indus Insights to new heights. Similarly, Hive’s singular focus on Big Data and the leadership team’s experience in building scalable B2B businesses at Patni Computer Systems make this association extremely productive,” said Saurabh Sharma, Co-founder and CEO of Indus Insights.
Founded in 2009 by husband-wife duo Saurabh Sharma and Neha Sharma, the firm uses analytics to attack pain-points in consumer finance, e-commerce, and related businesses. Its clients belong to various verticals — financial services, e-commerce, retail, and others.
Prior to this round, Indus Insights had raised over US$90,000 in angel funding from a consortium of angel investors including Shivraj Mundy, President of Mass Affluent Credit Cards Division at JP Morgan Chase; Himanshu Nagpal, Director of Marketing Strategy and Analytics at Capital One; and serial entrepreneurs Bhawna Bhatia and Kashyap Deorah.
Today, the amount of Big Data available to companies has grown exponentially. A joint study by NASSCOM and CRISIL Global Research & Analytics estimates that the Indian Big Data industry will grow from US$200 million in 2012 to US$1 billion in 2015 at a CAGR in excess of 83 per cent. This presents a huge opportunity for firms operating in the Big Data space. Investors have also expressed their keen interest towards Big Data firms and the setting up of Big Data startup fund such as Hive partners expresses the importance of data analytics to create a sustainable business.