Data Analytics Startup Lumiq Raises INR 44 Cr From Info Edge, Season Two Ventures

Delhi NCR-based data and analytics startup Lumiq has raised INR 44.1 Cr ($5.4 Mn)  in a Series A funding round led by Sanjeev Bikhchandani-led Info Edge.

Lumiq’s regulatory filing with the Registrar of Companies (RoC) showed that the startup has passed a special resolution to issue 2,689 Series A Convertible Cumulative Preference Shares (CCPS) at an issue price of INR 1,63,978 per share to raise the fund.

As part of this round, the internet giant Info Edge invested INR 23.41 Cr in the startup. Meanwhile, Season Two Ventures and RedStart Labs invested INR 19.51 Cr and INR 1.2 Cr in the startup, respectively.

Info Edge had also led the startup’s $2 Mn Seed funding round in August last year. After its Series A funding round, Lumiq’s total funding stands at $7.5 Mn.

Founded by Shoaib Mohammad Lumiq is an end-to-end data transformation partner for modern financial services and insurance (FSI) companies. With its emPower platform, Lumiq claims to help remove various traditional data-driven innovation hurdles leading to driving business outcomes at a greater speed with real customer data.

As per Lumiq’s website, its customers include the likes of HDFC Life, TVS Credit, among others.

As per the company’s filing, Lumiq’s parent entity Crisp Analytics Private Limited reported operating revenue of INR 12.23 Cr in FY21 as against INR 6 Cr reported in FY20.

Recently, Info Edge announced plans to invest INR 300 Cr in its wholly owned subsidiary Startup Investments (Holding) Limited (SIHL) to explore more investment opportunities such as contributions towards alternative investment funds (AIFs).

The company’s investment in Lumiq follows its latest infusion of INR 80 Cr (approx $9.7 Mn) in Adda247. The edtech startup recently raised a total of $35 Mn from the likes of WestBridge Capital, Google and Asha Impact, along with Info Edge.

Earlier this month, Info Edge invested INR 135.4 Cr in Coding Ninjas. Last month, Housing.com founder Rahul Yadav’s proptech startup Broker Network raised about INR 90 Cr in funding from its sole investor Info Edge.

Info Edge manages the companies like Naukri.com, matrimony portal Jeevansathi.com, real estate marketplace 99acres.com. In March, Info Edge had invested INR 91 Cr in Aisle Network, acquiring a majority stake in the Indian dating startup.

The Zomato backer reported an 85% year-on-year (YoY) growth in its consolidated net profit to INR 292.4 Cr in the quarter ending June 2022. Info Edge’s operating revenue jumped over 66% during the quarter to INR 547.2 Cr.

The development was first reported by Entrackr.