Data analytics company Tracxn, which was Co-founded by ex- Sequoia & Accel executives to track data from startups, has raised $10 million. The investment was led by Sachin Bansal & Binny Bansal from Flipkart along with a few other individual investors. In April, it had secured $3.5 million in series A round from SAIF Ventures. The firm had initially received angel funding from Flipkart Founders and a few others angel investors such as Sahil Barua, Co-Founder of Delhivery.
The company will use this capital to launch its incubator named TracxnLabs, which will invest a minimum viable product capital in the range of $20,000-$50,000. As per a LiveMint report, it has already started working with more than 10 startups in sectors such as online rentals, lending and food technology and will announce deals over the coming months.
With TracxnLabs, the company plans to use its large database and research to help entrepreneurs with startup ideas and funding trends. The Flipkart co-founders and other individual investors who have invested in their personal capacity, will not be involved in mentoring and guiding the startups identified by TracxnLabs.
Started in 2013, as a venture of Neha Singh and Abhishek Goyal, Tracxn has sector specific research analyst team which tracks every company in their sectors and analyses the trends as in what entrepreneurs are doing.
Earlier this month, Tracxn launched a new platform called Tracxn Syndicate to connect startups with potential investors. The other big data analytics companies which have recently raised funding are – Germin8, Manthan, Tookitaki, and Indus Insights among others.
Apart from this, in December 2014, Flipkart founders invested $1 million in Chennai-based electric vehicle startup Ather, and $1 million in a Bangalore based offline games startup, MadRat Games in November.