Axtria mops up $30 mn to fund expansion drive

MUMBAI: Big data analytics firm Axtria today said it has raised $30 million in a third strategic round of funding (series C), led by Helion Venture Partners with an investment of $15 million.

The New Jersey- and Gurgaon-based firm provides consulting, outsourcing and technology solutions to help companies make better data-driven decisions in functions like sales, marketing and risk management operations.

Silicon Valley venture capitalist 'Desh' Deshpande, along with other existing investors Amar Sawhney, Rick Braddock and Fred Khosravi, participated in the round with Helion, a statement issued by Helion stated.

Axtria's cloud-based analytical applications have over 10,000 users currently, and the latest funding will be used to accelerate hiring, build a sales force, increase marketing, develop products and expand markets into new verticals and geographies, the statement added.

Sanjeev Aggarwal, co-founder and senior managing director of Helion, will join the board of the company.

Axtria was founded in 2010 by Jassi Chadha and Navi Chadha, who previously co-founded MarketRx, another data analytics firm focussed on life sciences, which was acquired by Cognizant Technology Solutions in 2007.

The company has a team of over 500 people and is focused on verticals such as life sciences, healthcare, banking, financial services, retail, and high technology.

It has been primarily focusing on clients in the US market and is working with over 60 clients.

"Axtria will continue to focus on its existing areas of operation and is targeting expansion into Europe in 2016," it said.