San Francisco-based analytics startup AbsolutData has raised $20 million from Fidelity Growth Partners India, based in Gurgaon, India. The company will use the money to “scale up its global delivery footprint.”
Fidelity Growth Partners India commits to a $20 million investment in AbsolutData, a leading provider of data analytics services to global organizations. With this round of investment, AbsolutData aims to scale up its global delivery footprint to meet the growing demand for advanced and big data analytics.
AbsolutData is a pioneer in delivering analytics and research services through a global delivery model. The company today works with several marquee clients, including Fortune 1000 organizations across the globe, enhancing their advanced and big data analytics capabilities, and helping them gain real time insights to increase profitability and growth. Analytics is a top priority for CXOs across the world. However, there is a shortage of skilled data scientists to analyze the growing amounts of data. AbsolutData, with its deep industry expertise and strong analytical capabilities, is well positioned to help its clients gain maximum value from their data assets.
“We are delighted that a leading private equity firm like FGPI has invested in AbsolutData. Our vision is to become the most impactful and respected analytics firm in the world. We now serve some of the largest and most reputed retail, consumer goods, technology and hospitality companies, across US, Europe and Asia Pacific. This investment will enable us to further strengthen our ability to service the increasing demand from our global clients,” said Dr. Anil Kaul, CEO, AbsolutData.
As part of this transaction, Kabir Narang, Director at Fidelity Growth Partners India, joins the AbsolutData Board of Directors. Commenting on the investment, Kabir Narang said, “We had prioritized business analytics as an investment theme. This sector will continue to benefit from the dramatic increase in volume of data generated by consumer devices such as smart phones and tablets and the increase in computing power and storage capacity in organizations. We are very excited to partner with AbsolutData as it embarks on its next phase of growth. The company has superb delivery capabilities and deep expertise in the attractive consumer and marketing analytics segment. The management team continues to invest in knowledge management and institutionalize processes that will help it scale rapidly.”
Notes to the editor:
AbsolutData Holdings Inc. (AbsolutData) is a global leader in applying analytics to drive sales and increase profits for its customers. AbsolutData has built strong expertise and traction with Fortune 1000 companies across 40 countries. The company specializes in big data, high end business analytics, predictive modelling, reporting and data management services. These services provide significant value to clients by helping them optimize marketing spends, undertake targeted marketing, and using customer relationship analytics to achieve superior retention and cross sell. The company is investing in emerging areas such as big data, web and social media analytics. Founded by Dr. Anil Kaul, Sudeshna Datta and Suhale Kapoor who come with experience at McKinsey, Mitsubishi, Kraft and Pfizer, it currently employs 275 professionals across offices in San Francisco, Los Angeles, New York, Chicago and Gurgaon.
About Fidelity Growth Partners India
Fidelity Growth Partners India (FGPI) is the India-focused private equity arm of Fidelity Worldwide Investment, focused on cross-sector growth capital investing. FGPI seeks to invest in high-quality, high-growth companies in India across a broad range of sectors with typical investment sizes ranging from $10 million to $50 million. FGPI is committed to making the companies it invests in leaders in their industries through access to patient capital with a long term investment mindset, a powerful network of resources and a team of investment professionals with a proven track record of success. Fidelity, Fidelity Worldwide Investment and Fidelity Growth Partners India are trademarks of FIL Limited.