Bangalore-based iCreate Software, a business intelligence company focused on the banking sector, has raised Rs 15 crore in first round of funding from IDG Ventures India. The funds will be used by iCreate, which is currently profitable, mainly to expand its global sales team. Part of the funds will also be used for research and development of
new products.
iCreate develops products and provides solutions and services enabling effective and profitable utilization of data in core banking systems. While other IT services and consulting firms also offer these services, iCreate's product is more pre-configured and needs minimal customisation. The company takes 25-30% of the time it usually takes for a full fledged business intelligence systems to be set up, said Vivek Subramanyam, CEO of iCreate in an interview to VCCircle.
Currently, it offers services like business intelligence and reporting, collections, compliance, risk management and fraud detection. "We have also built a performance management capability
where you model an organisation and set across the combination of KPIs (key performance indicators)," added Subramanyam. This system can then be used to analyse the performance of various branches and regions.
The company was founded in 2006 by Anup Pai, who has more than a decade's experience in providing IT solutions to the banking space. Subramanyam, who has been involved with the company since late 2007, joined the company as CEO 7-8 months back. Pai looks after product and solution development activities.
T.C. Meenakshisundaram and Ranjith Menon of IDG Ventures will join the iCreate's board of directors. IDG Ventures seems to be upbeat on the business intelligence as this will be its second investment in the area. The VC firm is an early investor in retail business intelligence provider Manthan Systems, which recently raised a $15 million round and counts Carrefour, Louis Vuitton and Prada as its clients.
iCreate is currently focusing on the emerging markets with clients in Africa, Middle East, APAC and Europe. It currently has four clients which include National Bank of Kuwait, National Bank of Greece Cyprus, Capitec and The South African Bank of Athens. It will also be eyeing the Indian market now. "But as our products mature and customers base improves there is no reason why we wont look at Europe and North America," added Subramanyam, an IIM-Lucknow grad who was Head of the Presales and Solutions group at iGATE and a member of its leadership
council. Though currently focused on the banking sector, iCreate would look at expanding its product offering to the entire BFSI (Banking, Financial Services and Insurance) gamut.
"iCreate has a proven business model and a capable management team that has delivered successful results in the past and we believe will continue to anchor iCreate's stellar growth into the future" said Meenakshisundaram of IDG.
