In India, there may still be a less proportion of women working in the corporate sector but there are many examples of Indian women holding key leadership positions in many organizations. And setting fresh example of that, Data analytics firm Mu Sigma, which is valued at over $1 billion, has appointed Ambiga Dhiraj as the CEO of the company.
Ambika was previously working as the Chief Operating Officer and has been associated with the 11-year-old Mu Sigma for the last 8 years. She will replace her husband and founder of the company, Dhiraj Rajaram who will now become the Chairman of the company and relocate to the US.
The objective of the decision to split the Chairman and CEO positions in the rapidly growing data analytics firm is twofold: one, to bring new clients and expand the market reach of the company carried out by the chairman, and second to efficiently execute the ongoing operations of the company.
We will be a $1-billion (nearlyRs 6,800 crores) revenue company soon. We’re going to get there in a smooth manner. That’s what I want to go after,”
said Ambika on her recent appointment.
She added that the company is planning to sign up 10 new customers in every quarter this year.
Dhiraj Rajaram, on the other hand, will be responsible as the Chairman to engage more directly with clients which include as many as 140 ‘Fortune 500’ companies. He will also be responsible for designing new offerings for the company’s man-machine ecosystem and forge strategic alliances.
Mu Sigma is moving from its adolescence into its prime. Our purpose as a company will never change but we must occasionally change how we pursue that purpose,
said Dhiraj Rajaram.
Mu Sigma is one of the largest decision sciences companies and employs 3,500 scientists in 10 industries. It has raised a total of $178 million in equity funding in three rounds from General Atlantic, MasterCard, and Sequoia Capital.
In the last funding round, which took place in 2013, the company was valued at about $1.5 billion while being profitable. Mu Sigma, interestingly, is also one of the rare unicorns which have been profitable since inception.
It reported a revenue of INR 684 crores ($250 million) and a whopping INR 380 crores profit in the financial year 2014-15. This was 32% growth in the revenues whereas profit was 56% of their revenue.
Its clients include big names in Fortune 500 category which include Walmart, Dell, Microsoft, and many other top companies from diverse sectors. Microsoft was its first client during its pilot project in 2005 and continues to be so.