Sequoia Capital is back as an investor in the new venture of serial entrepreneur duo, Jaswinder S Chadha and Navdeep S Chadha, who earlier co-founded MarketRX, an analytics provider for the pharma and biotech industry.
Their latest venture, Axtria Inc, provider of business analytics, has attracted $2.5 million as Series A round funding, led by Sequoia, in which other private investors have participated.
Sandeep Singhal, managing director, Sequoia Capital India, said, “We are excited to yet again back Jaswinder and Navdeep, the co-founders of the company. We have confidence in their experience and abilities to make this a success.” The duo’s earlier venture MarketRX was bought out by IT services major Cognizant Technology Solutions for $135 million in 2007.
Axtria plans to utilise the fund to develop sales, distribution and marketing analytics software products, and to expand its operations into India, it said in a statement. Jaswinder S Chadha is the president and CEO of Axtria while Navdeep S Chadha is executive vice president and CT.
The other private investors, who were part of the round, include Richard Braddock, Amarpreet Sawhney and Sandeep Tyagi. Braddock and Sawhney will join Axtria’s board of directors. Braddock is the chairman and CEO of FreshDirect and Sawhney is the CEO of Octux Inc, while Tyagi is the chairman and managing director of Estee Advisors Pvt Ltd -- an investment management and advisory firm, the statement added.