Patni Brothers To Invest Big On Data Analytic Startups In India
Bangalore: Patni Siblings- Arihant and Amit are introducing a platform whose focus is to invest on competent data analytic startups in India. Hive Technologies, a Patni Venture in Bangalore, is due to take its form in the next two months and aims to invest 1.3 to 13 crore in data analytic startups across the country. This venture will be developed based on a similar U.S. based initiative, where Patnis hold a stake.
The Hive at Silicon Valley is co-founded by Sumant Mandal, managing partner at Clearstone Venture and TM Ravi, former chief marketing officer of data analytics firm IronMountain. It offers office space and seed financing up to $1.5 million (sums up to 10 crore) along with technology and business support for data analytic startups.
Arihant Patni, 37, a chemical engineer from the University of Pennsylvania, says "Our ambition is to capture the new wave of technology". Gajendra Patni, father of the two siblings and co-founder of Patni Computers, had earlier launched a $75 million fund called Nirvana Venture Advisors in 2011, which focused on internet ventures. The fund also invested in an education firm YourNextLeap, among other ventures.
“We earlier started a sector agnostic fund, but later realized, we could not differentiate ourselves," said Patni who is planning to successfully set-up at least three big data start-ups out of India in the coming years.
Industry experts say that it is high time to focus on big data startups. Amr Awadallah, Co-founder and CEO at U.S. based firm Cloudera says, “A lot of companies were formed on top of the database revolution like SAP, PeopleSoft, Siebel Systems, Business Objects; there will be many companies formed on top of the Hadoop and big data revolution as well".
Over the next two years, the Patnis plan on investing in four to five startups per year and see an exit from the venture, eight to ten years down the lane. Currently, they are gathering big data analytics startups that focus on U.S. market and have expertise in lucrative areas like telecom, fraud detection, social media and customer relationship management.