Amit and Arihant, sons of Gajendra Patni, eldest of the Patni brothers, are soon going to launch a platform which would be investing and incubating data analytics startups in India.
The venture Hive Technologies will be modelled on the similar principles of a Silicon valley based The Hive that incubate, fund & launch businesses that use data for intelligent decision making, in which Arihant Patni also holds stake.
The facility will be based in Bangalore and is expected to come in the next two months. It will investing about USD 200,000 to USD 2 million (about INR 1.3-13 crore) in data analytic startups that are already generating revenues and have customers, stated ET.
They would be looking for big data analytics startups focused on the US market and with expertise in areas like telecom, fraud detection, social media and customer relationship management.
Through the fund, Patnis plans to invest in about 4-5 startups every year for the next two years, with an exit horizon of eight to 10 years. The company’s aim is to create at-least three big data startup successes out of India in the next few years.
Patni family has been known for Patni Computers, which was sold in a USD 1.2-billion deal to US-listed iGate. They further launched Nirvana Venture Advisors in 2011 which is a USD 75-million fund focused on internet ventures. Arihant Patni, had previously founded legal process outsourcing company Bodhi Global Services and is currently the managing director of Patni Financial Advisors, a wealth management company.
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