Pragmatix, an enterprise analytics start-up has raised its first round of funding from SIDBI Venture Capital. The company is the fourth full year of its business and it is involved in providing actionable intelligence via data models and products that will resolve specific business issues. Pragmatix is based in Mumbai and it has a team of 80 members. The company is expecting to scale swiftly in the next six months.
Dissimilar to the typical analytics service companies, the startup Pragmatix provides its big data analytics solutions via a platform Vital Analytix. At its back ride over 18 specific data models that address the different functional as well as business challenges in verticals like BFSI, Telecom and retail. They have mainly analytics services in areas like customer insights, sales and marketing, risk management, productivity and decision support as well as performance measurement.
Pragmatix was established by four co-founders – Ramesh Lakshiminarayan, Alok Rastogi, Ashish Vora and V Dinesh who held senior level positions in several Banks across India. The management team has more than 80 years of experience in every facet of the financial services industry.
Regarding this, Ashish Vora, the Director and Co-Founder stated that SIDBI has a rich investment portfolio in the analytics and financial ecosystem including the retail analytics firm Manthan.
The CEP of SIDBI Venture Capital, Anant Sarma stated that they are delighted to team up with the seasoned founders of Pragmatix. He added that the firm has a strong resolve to emerge successful in this globally competitive market and SIDBI intends to be a partner for Pragmatix in every step of its growth journey. SIDBI’s sector agnostic India Opportunities Fund (IOF) made an investment of Rs 15 crore (approx. $2.4 million).
The valuation of the investment has not been revealed by both the companies. However, Mr. Sarma from SIDBI stated that it is respectful of the credentials of the founders, the traction that Pragmatix has and will have in the future and global horizons that are ahead, and the intellectual property that they have built.
Pragmatix has established a footprint in UAE and North America with a Director based full time in the Palo Alto market. Their marquee clients include RBL Bank, Vodafone India, First Gulf Bank, Citibank North America and EMEA and Kotak Mahindra Bank reflecting several sectors in different geographies.
Pragmatix is intending to make use of these funds to create new data models, invest in the development of the platform and drive the expansion into the new geographies. They hope to have a unique proposition that will take them ahead of their challengers across the globe.