Five year old, Pune based product technology company, Sapience Analytics has raised INR 45 Cr. in a fresh round of funding led by Orios Venture Partners.
This round is expected to see the investors pick up 25-35% stake in the company, valuing the venture at INR 130-180 Cr.
Founded in 2009 by Shirish Deodhar and three co-founders, Sapience provides an employee productivity and time management software, alongwith analytics for companies to fill performance-related gaps. Its patent‐pending software product claims to deliver over 20% increase in organization productivity and also enables managers to guide their teams towards more focused effort, while helping employees to improve their work‐life harmony.
It has analyzed more than 100 Mn work hours across diverse industries, including IT services, KPOs, engineering design and financial services, among others.
The raised funding will be used by the startup to drive its sales and marketing efforts primarily in the US, where it has set up a separate subsidiary.
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“An increasing number of our customers in India are the domestic subsidiaries of US companies. Therefore, we have taken the decision to accelerate our growth there,” said Shirish Deodhar, co-founder and chief executive of Sapience Analytics.
In past 12 months, Sapience has sold more than 60,000 licences. Companies such as Tech Mahindra and BMC Software are among its clients.
Previously, it had raised INR 4.5 Cr. in Series A funding from Seed Ventures in 2011, prior to which it had received about INR 2.1 Cr. from IAN in which Rehan Yar Khan, founder of Orios Venture Partners, had also participated.
US-based ventures O-Desk and RescueTime, also offer similar products’ however, not at an enterprise scale.