Finarkein Analytics Bags $4.75 Mn To Fuel Its Open Digital Ecosystem Playbook

Data analytics startup Finarkein Analytics has raised $4.75 Mn in a Pre-Series A funding round led by Nexus Venture Partners. 

The round also saw participation from existing investors like IIFL’s Fintech Fund and Eximius Ventures, along with angel investors, including Uni’s founder Nitin Gupta and Ashika Group’s CEO Chirag Jain among others. 

The Pune-based company plans to use the fresh capital for product development and  expansion.

Founded in 2019 by Nikhil Kurhe and Dheeraj Kumar, Finarkein Analytics is a data analytics platform for digital service providers. Its offerings include B2B SaaS and data products to create data-driven workflows. 

“India’s approach to digital infrastructure has been unique wherein a lot of value is directly passed onto end consumers. DPIs like the account aggregator are only accelerating this, and at Finarkein we’re glad to be a part of this movement from day zero and scale it further,” said Kurhe. 

“I have been following the account aggregator space fairly early and came across Nikhil and team Finarkein as winners of the AA hackathon back in 2020. They have only since doubled down on the space, and we have seen Finarkein single-handedly scale this vertical and build a new category from the ground up,” said Nexus Venture Partners’ Anand Datta. 

Finarkein’s latest round comes two years after it raised an undisclosed amount in a seed funding round co-led by IIFL’s Fintech Fund and Redstart Labs.

With data analytics at the core of every industry, a lot of investors are showing their interest in the startups operating in the space.

For instance, last year, data analytics and AI startup Course5 Intelligence raised $28 Mn from 360 ONE Asset Management. 

Accenture, Fractal Analytics, PiTangent Technology and Analytics Solutions, Tiger Analytics, Genpact, TheMathCompany, and Mu Sigma are among the top data analytics companies in the world. 

According to a NASSCOM’s report, The Booming world of Big Data Analytics, India’s data science and analytics sector is expected to reach $16 Bn by 2025.