Axtria Closes $2.5 million Series A Funding
Date: Tuesday , June 01, 2010
Jaswinder Chadda and Navdeep Chadda co-founded Axtria has closed Series A round of venture capital funding of $2.5 million. The financing led by Sequoia Capital India also included private investors Richard Braddock, Chairman and CEO, Fresh Direct, Amarpreet Sawhney, CEO, Octux; Fred Khosravi, MD, Incept, and Sandeep Tyagi, Chairman and MD, Estee Advisors.
Founded in 2009, the Morristown based Axtria provides business analytics technology and services to improve effectiveness in sales, distribution, marketing, and customer operations. “We provide predictive analytics and technology solutions to help customers manage their sales and marketing operations. The demand for our solutions is driven by explosion of data. Every big company has invested in technologies including business intelligence (BI), customer relationship management (CRM), and marketing automation systems. We provide business analytics solutions that help customers improve performance of CRM and marketing systems,” says Jaswinder Chadda, CEO, Axtria.
Using a ‘product-enabled service’ model, Axtria’s products are designed to be integrated with existing applications, increasing the ROI of IT investments. The company will use proceeds from the financing to develop sales, distribution, and marketing analytics software products and to expand its current US-based operations into India.
Chadda sees a huge requirement for business analytics solutions for sales and marketing. Analysts estimate the industry spending in this sector anywhere between $5 billon and $10 billion by 2015. The best analogs for the business analytics is current spend on data collection, data management, data warehousing, business intelligence, CRM, and marketing automation.
A number of companies have made business analytics a core growth area for their business, notable among them being IBM. There are also several others who have added BI in their service portfolio. But Chadda is not worried. “We are unique because we combine industry experience, predictive analytics, and technology to build sales and marketing solutions,” he says.
At present, the company is 10 members strong, of whom four are full time employees and the other six are consultants working with business partners. Axtria is looking to grow rapidly in 2010 and setting up an operation in India by the second half of 2010 is one of its top most priorities.