New Delhi: Tracxn, a data analytics company, said it has raised over $3.5 million in fresh round of funds from venture capital firm SAIF Partners.

Tracxn said it will use the money towards building a large team to track start-ups globally. It looks to grow its team from 30 analysts to 150 by the end of the year.

The Bangalore-based firm was started in 2013 by Neha Singh and Abhishek Goyal, ex-investors from Sequoia and Accel Partners. The company counts venture capital, private equity firms and corporate development teams as its customers and makes money by providing them with an exhaustive database of privately held companies across India, the US, Europe and some other regions.

“It (Tracxn) addresses a crucial pain point of information and connection in the start-up ecosystem and therefore holds tremendous potential. Additionally, the stellar team behind Tracxn ensures immense promise for its rapid expansion and scalability," said Mukul Singhal, principal at SAIF Partner.

Tracxn has received angel funding from Flipkart co-founders Sachin Bansal and Binny Bansal, as well as other such as Sahil Barua, co-founder at e-commerce logistics firm Delhivery.

“Today, understanding any space in the private market and connecting start-ups and investors is very inefficient," said Neha Singh of Tracxn.

The company has set up a dedicated analyst for tracking a sector who tracks all companies within that sector, identifies the segments companies are innovating in and analyses the trends in what entrepreneurs are doing.

“We want to bridge this information and connect gap," she added.

“Just like Gartner provides rich research for the IT sector, Tracxn is building a similar platform for the start-up ecosystem," Tracxn said in a statement.

The firm, at present, works with over 50 venture funds.

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