The Hive India, a Big Data-focused early-stage fund floated last year by Amit and Arihant Patni—the sons of one of the co-founders of Patni Computer Systems, which was acquired by iGate in 2011—is close to investing in an IoT-enabled Big Data startup based out of Pune.
The deal, which is being done in collaboration with a few VC firms, will be announced in a couple of weeks, Arihant Patni, managing director of Hive India, told VCCircle.
“I am not sharing the investment amount, as multiple investors are involved with this deal. All I can say is that this company is into the sensor, IoT and manufacturing,” he said.
He added that the fund is looking to invest in two more startups in this calendar year.
Hive India was launched last September. A proprietary fund, it typically invests $200,000 to $2 million in three-five companies a year. The firm picks 20-40 per cent stake in the startups in return for the investment, and also invests in ideation-stage companies.
Hive India is targeting Big Data ventures operating in multi-channel marketing, CRM, security, IT management, e-commerce, retail, media, advertising, financial services and insurance, telecommunication and healthcare. For early stage/ideation-stage companies, it also provides infrastructure and mentorship.
Last week, the fund in collaboration with Ronnie Screwvala’s Unilazer Ventures invested an undisclosed amount in Gurgaon-based Big Data firm Indus Insights, which helps enterprises understand customer behaviour across multiple channels, personalise their offerings and make smart bets on the right kinds of customers.
Hive India made its first investment in Flutura Solutions in November last year. Bangalore-based Flutura’s solution ‘Cerebra’ is used by firms operating in the oil, gas and energy industries.
(Edited by Joby Puthuparampil Johnson)