New Jersey HQed Big Data startup Axtria, which also has an office in Gurgaon, India, today closed a $30 million Series C funding round, led by Helion Ventures, to expand its services into new verticals and push for a userbase growth.
The company helps business make better, more informed decisions and offers a series of data analytics applications and services on the cloud. The company has more than sixty clients with over 10,000 individual users among them. Based in the US, it spans a range of industries which include pharmaceuticals, banking, healthcare, financial services and high-tech.
The funding was led by Helion Ventures, which put in half of the total $30 million from its new $300 million fund for India. Other investors include Silicon Valley-based ‘Desh’ Deshpande along with existing backers Amar Sawhney, Rick Braddock and Fred Khosravi.
Sanjeev Aggarwal, co-founder and senior managing director at Helion, will be shortly joining Axtria’s board.
According to Axtria CEO and co-founder Jassi Chadha, the company aims to use embed analytics to essentially help run businesses in a more effective manner. He says that using trapped data from corporate systems and coming from new areas like internet-of-things (IOT), the company wants to help other firms make better decisions.
Chadha says that the invested amount will be put to use in developing new products and hiring more professionals. The current head-count of the firm is 400 people and the board tends to increase it to 5,000-10,000. Most of the new hires will be sales and marketing staff to help expand the company’s reach worldwide.
Chadha wants to “scale the company profitably.” but if it comes down to it, he believes the company may derive from institutional sources in the future if additional funding is needed.
Aggarwal stated that data analytics startups is a place where India is excelling and they are the firms which are more likely to receive support from Helion. He further added that Axtria has a unique blend of industry and functional domain, technology, analytics and services capabilities that makes it a tip in the Indian IT revolution.
