Happiest Minds raises $45 mn1 min read . Updated: 16 Nov 2011, 10:44 PM IST
Happiest Minds raises $45 mn
Mumbai: In one of the largest investments in a start-up, Bangalore-based Information Technology (IT) solutions and services firm Happiest Minds Technologies Pvt. Ltd has raised $45 million from Canaan Partners, Intel Capital and the company’s founders, including Ashok Soota.
“Enterprises are witnessing spiralling technological and security challenges," said Sudheer Kuppam, managing director, Intel Capital, Asia-Pacific region, in a statement. “Happiest Minds’ cloud, mobility, and security solution architectures can accelerate market adoption of such disruptive technologies, with attendant benefits for the vendor ecosystem." In the Indian IT/ITes (information technology enabled services) segment, deals are falling though ticket sizes are on the rise. So far this year, the segment has seen 11 deals worth $313 million, compared with 20 transactions worth $175 million a year ago, according to VCCEdge, which tracks venture capital and private equity transactions.
According to Deepak Srinath, director of Bangalore-based boutique investment bank Viedea Capital Advisors, no other start-up in the same space would have been able to raise an investment of this kind, said Srinath. “It’s a VC mindset, they like successful entrepreneurs for their experience. Serial entrepreneurs are preferred for deals."