Data analytics startup Near Pte. Ltd said on Wednesday it has raised $100 million (around Rs 685 crore) in a new round of funding from London-based private equity firm Greater Pacific Capital (GPC).
With this fresh investment, Near has raised a total of $134 million so far, including from Sequoia Capital India and JPMorgan, the startup said in a statement.
The fresh capital will help the company launch new data products and strengthen its position in existing markets as well as enter new geographies, said Anil Mathews, founder and chief executive, Near.
Near, which was founded in 2012, provides its customers with access to intelligence on people’s behaviour in the real world by processing data from over 1.6 billion monthly users across 44 countries. Its flagship software-as-a-service (Saas) product -- Allspark -- helps in end-to-end marketing automation for clients and partners across more than 20 countries. It is headquartered in Singapore with offices in San Francisco, New York, London, Tokyo, Sydney and Bengaluru, which houses its technology and research and development (R&D) centre.
"Near provides insights into human behaviour by analysing where people are, and combining that with a multitude of data points to predict and influence behaviour," said Ketan Patel, chief executive, Greater Pacific Capital.
Akshaya Prasad, partner, Greater Pacific Capital, has joined the board of directors of Near as part of the transaction.
Greater Pacific Capital
The London-headquartered firm was founded by Patel and Joe Sealy, former Goldman Sachs executives, in 2005. Apart from the UK, the firm also has offices in Mumbai and Shanghai.
It focuses on Indian companies with the potential for market leadership in their segments. Its investment strategy usually looks at entities in the technology, healthcare and services sectors.
Earlier this month, Greater Pacific Capital invested in energy- and utilities-focused consultancy Enzen Global Solutions Pvt. Ltd.
The private equity firm’s earlier investments in the country include drugmaker Torrent Pharma, financial services firm Edelweiss Financial Services Ltd and advertising company TDI International.
Last year, multiple media reports said Greater Pacific Capital had received commitments of $300 million for the first close of a $700 million India-focused fund.