Flipkart founders Mukesh and Sachin Bansal have poured in, along with a few a few other participating angel investors,$10 Million into start-up research and data analysis firm Tracxn to aid its incubator launch named Tracxn Labs. The Bansals led the investment.
This fresh capital infusion will primarily help Tracxn Labs invest a minimum capital anywhere between $20,ooo-$50,000. The company has already begun operations with over 10 start-ups across fields like online retail, food and has promised that we would hear of deals from them in the forthcoming months.
Neha Singh, Tracxn Co-founder spoke on the development.
With the current pool of captial, we can easily work with over 50 start-ups a year. As our capital pool increases, we can work with a much larger set of start-ups.
Founder Abhishek Goyal who previously worked at Accel Partners, started Tracxn in 2013 with Sequoia Capital alum Neha Singh. The company claims to have built a repository of about 7,000 startups in India and about 21,000 companies in the US, which is used by Tracxn’s clients like venture capitalists, private equity firms and corporate development teams to spot potential investment opportunities. In April this year, it received a $3.5mn funding from SAIF Partners.
Tracxn aspires to offer private investors a global research platform to track statistics coming from startups. The research firm covers these stats over a span of time and investors can choose their area of investment based upon Tracxn’s reports, analysis and predictions. The firm wishes to describe itself as “Gartner for startups information”.
It currently tracks all digital footprints about startups and collates them to conceive meaningful information which could prove useful to investors, who seek the right area to invest in.
Tracxn’s analysts currently derive insights through large scale data aggregation in seven practice areas of Enterprise Infrastructure, Enterprise Applications, Technology, Mobile, Consumer, FinTech, and Emerging Markets. Venture Funds and Corporate Development teams subscribe to Tracxn coverage based on the areas they invest in.
Other players in this segment are US-based Mattermark, CB Insights, Datafox and Owler. However, what marks and essential difference between these and tracxn is that all of them depend on automatic curation unlike Tracxn, which manually curates startups. And even though the latter employs a more resource-intensive approach, it ultimately lands with you with the most authenticated and accurate data.
The development is significant as far as the company’s overall vision is concerned. The move enables the Bangalore-based company to utilise it’s massive start-up database repository, i.e. “Competitive Intelligence engine.” At the same time, entrepreneurs will be able to search for relevant target markets, work in tandem with close to 150 analysts to discuss industry trends and get feedback on their projects.
Tracxn, at present, works with over 50 venture funds which include some of the marquee names in the industry. These include Accel, Sequoia, SAIF Partners, Matrix Partners, IDG Ventures among others.