Pune-based industry research and consulting company MarketsandMarkets Research Pvt. Ltd has secured $56 million (Rs 367 crore) in its first institutional fundraising round.
Private equity firm FTV Capital led the round, marking a rare PE activity in the segment. Venture capital firm Zodius Capital came in as a co-investor, as per a statement by financial services provider Avendus Capital, which advised MarketsandMarkets on the transaction.
The research and consulting firm, which was launched in 2010, will use the funds to fuel its growth and global expansion, focused on the US and European markets, the statement said.
MarketsandMarkets provides research services to 5,000 customers worldwide. Its clients include 80% of global Fortune 1000 companies. The firm aims to cater to more than 10,000 companies this year for their revenue planning.
“Unlike competitors who tend to focus on more mature industries, MarketsandMarkets has built a sustainable model for delivering timely, high-quality research in emerging industries in a cost-effective manner,” said Brad Bernstein, managing partner, FTV Capital.
Sandeep Sugla, founder and CEO of MarketsandMarkets, said this growth capital will help expand the company’s share in the $40 billion global market for research services. He also said that the company has grown 100% year-on-year and has remained “highly profitable”.
For FTV Capital, which was founded in 1998, this is its first investment in an India-domiciled company. It has 97 portfolio companies including US-based MuSigma, MarketShare (acquired by Neustar in 2015) and EXL. It has offices in San Francisco and New York.
Zodius Capital, which was founded in 2011, has two open funds focussed on technology sector in India. Its portfolio includes BigBasket.com, Freshmenu and Culture Machine.
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