Data Analytics Startup Ganit has raised an undisclosed amount in its pre-series A funding round from Sangeet Kumar (Co-founder and CEO, Addverb Technologies) ; Krishnan Vishwanathan (Co-founder and CEO, Kissht) ; Anshul Gupta and Amit Raj (Co-founders, EatClub Brands), among others.
The startup plans to use the funds to expand its product portfolio in various areas, including customer voicing, forecasting, promotional planning, route optimization, price optimization, as well as limited to rapidly growing emerging areas such as ESG (Environment, Social and Governance). It also aims to double its workforce to 500 by the end of 2023.
Ganit was founded in 2017 by Shivaprasad KT, Ashok Harwani and Hariharan R, It enables enterprises to translate data into actionable insights by designing and deploying purpose-built AI/ML solutions and aim is to minimise decision risk across industries.
Currently the startup is working with companies in the retail, pharma, consumer products and services and BFSI industries.
Commenting on this funding, Shivaprasad KT, Co-Founder & CEO, Ganit said, “We are excited about the possibilities in the data analytics and AI ecosystem and their impact on various industries. Our single-minded purpose is to empower businesses with data-driven decision-making capabilities. Having investors who share the same passion for the business of data has been extremely rewarding.”
“We are excited about our association with Ganit. The founders’ expertise on the subject combined with their passion and energy reflects in the commitment and vision they have for the company and the ecosystem. The world needs data which will just not sit in silos for various reports but will be turned into actual attainable action. Ganit has cracked the code on how to help enterprises achieve just that. We are happy to be part of this story and wish the team great success”, said, Amit Raj, Angel Investor and Co-founder, EatClub Brands (formerly Box8).
The Artificial Intelligence (AI) market in India is expected to grow at a five-year compound annual growth rate (CAGR) of 20.2% and reach US$7.8 billion in total revenue by 2025, according to the International Data Corporation (IDC).
They provide smart solutions at the intersection of hypothesis-based analytics, discovery-driven AI, and new-data insights from smart devices.
Its mission is to maximize decision-velocity and minimize decision risk for ambitious enterprises by making data their voice.
They partner with leading organizations across North America, Europe, MENA and APAC.