Tracxn, a data analytics company which was co-founded by Sequoia and Accel execs to track data from startups, has secured $3.5 million in Series A round from SAIF Ventures. The firm had received angel funding from Flipkart Co-Founders Sachin Bansal and Binny Bansal, with participation from others such as Sahil Barua, Co-Founder of Delhivery.
As per a TechCrunch report, the raised funding will be used for growing its team from 30 analysts to 150 by the year end as well as to target a wide range of clients, including consulting firms and universities.
Started in 2013, as a venture of Neha Singh and Abhishek Goyal, the company’s current clients include venture capital, private equity firms and corporate development teams. It monetizes by providing them with an exhaustive database of privately held companies across India, US, Europe and some other regions.
The company has sector specific research analyst teams which tracks every company in their sectors and analyses the trends as in what entrepreneurs are doing. The investors can pick a sector and use the platform not only to understand the market but also to find a handful of promising companies to contact. At present, the firm works with over 50 venture funds.
The other big data analytics companies which have recently raised funding are – Mumbai-based Germin8 which raised $3 million in series A from Kalaari Capital and Bengaluru-based Manthan which received $60 million in series D round led by Temasek and Norwest Venture Partners.
Tookitaki, has also secured $1 million in seed funding led by Jungle Ventures with participation from Rebright Partners and Blume Ventures. Data analytics startup Indus Insights has secured Series A funding from Hive India.