BackFlytxt raises $11 million from Sunrise Capital and others
The company aims to use the funds to grow its product portfolio, improve existing technology and expand to other industry verticals
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Mumbai: Kerala-based big data solution company Flytxt Mobile Solutions Pvt. Ltd said on Tuesday that it has raised $11 million in funding from Sunrise Captial GmbH and Big Data Investments BV. The existing investors also participated.
Founded in 2008 by Vinod Vasudevan and Prateek Kapadia, the company aims to use the funds to grow its product portfolio, improve existing technology and expand to other industry verticals. It further plans to consolidate its presence in the Communication Service Provider (CSP) market and offer mobile consumer analytics solutions to other industry verticals. The company plans to double its team through the next phase of growth.
Indian big data industry is expected to grow from $200 million in 2012 to $1 billion in 2015, at a compounded annual growth rate of over 83%, according to a data report by software industry lobby Nasscom and ratings firm Crisil.
Indian startups in the big data space include Indix, that raised $15 million in June, and Aureus Analytics that raised over ₹ 5 crore ($850,000) in 2014 through online fund raising platform LetsVenture. This year Fractal Analytics acquired Mobius Innovations for an undisclosed amount.
“The company has a unique standing in big data analytics market with a sustainable business model, proven technology, impressive customer base and an exceptional team. And the potential is huge," said Joerg Swoboda, chairman of Flytxt.
The company provides solutions that enable communication service providers and brands to increase sales and revenues, optimize margins and enhance customer experience for its customers. The company has deployed its solutions with more than 50 customers across 32 countries, and has analysed data of more than 500 million mobile consumers.
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