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Big Data startup Crayon raises bridge funding round from Mitsui

24 Feb, 2016

MitsuiSingapore- and Chennai-based Big Data startup Crayon Data Pte Ltd raised an undisclosed investment from Japanese diversified conglomerate Mitsui & Co, Ltd three months after receiving the backing of Tata Sons chairman emeritus Ratan Tata who has now turned an ace angel investor.

"The investment includes a business service agreement by which Mitsui will support the launch of Crayon's products in Japan, and the expansion of its customer assets," said a statement here.

Crayon Data, which was founded in 2012 by Srikant Sastri and Suresh Shankar, builds Big Data software products for banking, hospitality and FMCG industries.

It received $10 million in a Series A round led by Jungle Ventures and Spring Seeds in 2013. "The investments from Ratan Tata and Mitsui are part of an interim round. Our Series B fundraising is still sometime away in 2016," Sastri told VCCircle.

He said the company's Big Data products are now being sold in Singapore, Indonesia, Middle East, the UK and the US while its first installation in India will go live this quarter. "We look forward to entering into Japanese market this year," said Shankar.

"Our products have gone live with 20 customers now. We have filed for three patents and a few more are in the pipeline," said Sastri.

Mitsui & Co Ltd has been fairly active in India in venture capital and private equity investments. It invested around $73 million in Naaptol Online Shopping Pvt Ltd with a second round of investment of $51.7 million in November. Its various arms have invested in Cholamandalam MS General Insurance Company, New Media Pvt Ltd, Mahindra Sanyo Steels Pvt Ltd, Suvidhaa Infoserve Pvt Ltd, etc.