Fidelity Growth Partners India invests $20 Million in AbsolutData
Date: Tuesday , September 04, 2012
San Francisco based AbsolutData, a provider of data analytics services to global organizations secured $20 million investment from Fidelity Growth Partners India. The company aims to scale up its global delivery footprint to meet the growing demand for advanced and big data analytics with this current round of funding.
Co-founded by Suhale Kapoor and Anil Kaul the company delivers analytics and research services through a global delivery model. Founded in 2001 the company helps its clients turn their data assets, including customer information, into actionable insights that drive their strategic and day-to-day business decisions.
"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," says Dr. Anil Kaul, CEO, AbsolutData.
Kabir Narang, Director at Fidelity Growth Partners India, joins the AbsolutData Board of Directors as a part of the deal. "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," says Narang.
Absolutdata serves a plethora of clients across different industry verticals such as retail, hospitality, automobile, consulting, media among others. They currently employ 275 people and have operations running from offices in San Francisco, Los Angeles, New York, Chicago and Gurgaon.