Impact Analytics, which has exciting data science projects and products, has announced that it has raised $750,000 in a funding round, led by Aarin Capital. The VC firm was founded by Mohandas Pai and Dr. Ranjan Pai.
Along with Aarin Capital, Michael Herzig, managing director of THL Capital, and Ashish Lakhanpal, vice-president of The MobileWallet have also co-invested in the current round.
Commenting on this investment, Prashant Agrawal, founder of Impact Analytics, said,
We have a team of 55 across Bengaluru and the US. The current round of capital will be utilised for product development and to expand the team. We are focused on the business-to-business enterprise data space.
Founded in the year 2015 by Prashant Agrawal, Impact Analytics is helping companies turn their data into dollars through a combination of business consulting, data science and product development. It provides a mix of strategic business consulting, data science and technology solutions.
The company says that “it brings the best of data science to your team.” It helps its clients to achieve data science excellence, at a minimal cost.
The team of Impact Analytics comprises top-tier consultants from McKinsey and BCG, data scientists with advanced machine learning experience and product developers who have built winning mobility products.
Other players in this space include Perceptive Analytics, Fractal Analytics, Vahanalytics, Quantta Analytics, among others. According to the report from NASSCOM, the big data analytics market is speculated to reach $16 billion by 2025, from the current level of $2 billion.
Further, the report states that there are about 600 analytics firms in the country, out of which 400 are start-ups. Almost around 100 such companies were added during the year 2015.
As per a report, analytics market in India currently stands at $1.64 billion annually in revenues. It is growing at a healthy rate of 28.8% CAGR. As of the revenue earned by the sector, 35 percent comes from Finance & Banking, followed by Marketing at 25%, and E-commerce at 17% of analytics revenues in India.