Fidelity Growth Partners invests Rs 110 crore in AbsolutData

Fidelity Growth Partners India (FGPI) has invested $20 million in AbsolutData, which provides data analytics services to retail, consumer goods, technology and hospitality organisations across the globe.

The company will deploy the funds to expand operations. The company today works with marquee clients across 40 countries to help them gain real time insights to increase profitability and growth through big data analysis.

“Analytics is a top priority for CXOs across the world. However, there is a shortage of skilled data scientists to analyse the growing amounts of data,” says Anil Kaul, chief executive of AbsolutData.

Founded by Kaul, Sudeshna Datta and Suhale Kapoor, who come with experience at McKinsey, Mitsubishi, Kraft and Pfizer, the company employs 275 professionals across offices in San Francisco, Los Angeles, New York, Chicago and Gurgaon.

“The company has superb delivery capabilities and deep expertise in the attractive consumer and marketing analytics segment,” says Kabir Narang, director at Fidelity Growth Partners India.

The company is also investing in emerging areas like web and social media analytics. Last year analytics firm, Mu Sigma, founded by Dhiraj Rajaram, raised $108 million from General Atlantic and Sequoia Capital.

FGPI is the India-focused private equity arm of Fidelity Worldwide Investment, which focuses on cross-sector growth capital investing and typically invests between $10-50 million.