The Economic Times: April, 2013
Data analytics venture Indix has raised $4.5 million (Rs 24.52 crore) from venture capital firms Nexus Venture Partners and Avalon Ventures, giving further indication of risk capital's large appetite for the sector. The latest round of funding is preceded by the $1.4 million raised as seed financing by the Seattle and Chennai-based company, in which Nexus Venture Partners had also participated.
Proceeds from the current round of funding will be used towards accelerating Indix's product development, as well as scale marketing and sales in the US. "Indix is working on a disruptive concept that addresses a compelling need," said Naren Gupta, managing director at Nexus Venture Partners.
The company, which was founded in 2010 by ex-Microsoft, Cisco and Citrix employees, is currently building a cloudbased product for individuals in businesses around the world and will continue to be in stealth mode until later this year. Nexus' investment in Indix is the latest transaction involving risk capital and Indian data analytics companies, who have been growing exponentially, driven largely by lower costs of storage and the rise of digital media, creating large pools of data that businesses are keen to decode. In February, Bangalore and Chicagobased data analytics company Mu Sigma raised money from MasterCard in a deal that valued it at more than $1 billion (Rs 5,400 crore).
The deal saw Mu Sigma get $45 million from a MasterCard arm and a group of global financial investors, including Fidelity Investments, in exchange for ceding a stake of less than 5%. The Indian big data market is estimated to touch $1 billion by 2015, according to information technology and services body Nasscom.