Realbox Data Analytics Pvt. Ltd. has raised $300,000 (Rs 2 crore) in its pre-Series A round of investment from Hyderabad Angels.
Alok Mittal, ex-MD, Canaan Partners, Dharamveer Singh Chouhan, Zostel CEO, Shubranshu Pani, director at JLL and vCommission also participated in this round, co-founder Saurabh Moody told Techcircle.
The new capital will be used for developing the concept of "smart store" that would holistically cater to growth of businesses.
Realbox Data Analytics uses business intelligence and predictive analysis tools to help offline businesses increase revenues and decrease risk. Their signature product, Pulse, provides decision- makers business summaries and key performance metrics on their mobile devices in real time, helping them remain agile and in control of their businesses.
The startup was founded in April 2015 by Saurabh Moody, a Microsoft alumnus and a data scientist, who has worked with retail giants like Target, USPS, Arjun Sudhanshu, who has worked with Saas Info Labs and Tata Consultancy Services, and Preksha Kaparwan, who was previously a lecturer at IHM Chandigarh
"With the investment on board and enhanced capacity, in addition to large corporate clients that we currently serve, we are targeting to introduce "smart store" to 5,000 outlets, which includes movie theaters, retail & hospitality businesses, in the next 18 months" Moody said.
The company's flagship product, Pulse, is an intelligent business dashboard which can be installed on top of any existing POS, enabling businesses to use data analytics without changing their existing technology. It can be remotely installed and needs no hardware or software support from third party.
Silicon Valley-based big data startup Innovaccer Inc. has raised $15.6 million in a Series A round of funding led by Westbridge Capital Partners, with participation by other angel investors.
Prior to that, Malaysian sovereign wealth fund Khazanah Nasional Berhad agreed to invest up to $100 million in the India- and US-based Fractal Analytics. BRIDGEi2i Analytics Solutions Pvt. Ltd raised Series A funding in June and Vahanalytics, which analyses the driving behaviour of Indians, raised seed funding the month before.
"Though it's clichÃ© to say that data technologies are changing the world, the fact is that capturing and analyzing data in real time is one of the strongest sources of competitive advantage. Though I worry that offline data capture might not be as obvious as online data logs, I am happy that a company like Realbox has taken up the challenge. If it is able to rope in a large number of paid subscriptions, I am optimistic about its future," said Ajeet Khurana, former advisor at Kalaari Capital.
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