Unilazer Ventures alongwith Patni scion Arihant’s investment arm Hive India has invested in data analytics startup Indus Insights in Series A round of funding. The financial details of the deal have been left undisclosed.
The startup plans to infuse funds in hiring more data scientists and further in sales and marketing activities.
Launched in 2009 by husband-wife duo Saurabh Sharma and Neha M Sharma, Indus Insights is a management consulting firm that helps companies become more valuable through the use of Big Data Analytics. Its clients span across the globe, from various verticals including Financial Services, eommerce, Retail, and others.
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“The first wave of (data analytics) services has been on the collection or infrastructure side. Now, there is a tonne of data being collected and very little insights being gleaned,” said Vinita Ananth, principal at Hive India.
“It has become absolutely critical for organisations to personalise their offerings, and to make smart bets on the right kind of customers,” said Saurabh Sharma.
Indus Insights has its offices in Chicago and Gurgaon.
Launched last year in India, Hive India is focused on investing in big data space and has invested in Bangalore based startup Flutura. Whereas For Unilazer, which has previously invested in consumer internet and impact startups like Lenskart, Zivame, EkStop this is first investment in big data space.
Data tech and services is expected to grow at a 27% compound annual rate to $32.4 Bn by 2017.