TheMathCompany, a data analytics and data engineering firm, has raised $50 million (around 375 crore) in a funding round led by Brighton Park Capital, with participation from existing investor Arihant Patni, co-founder and CEO Sayandeb Banerjee said in an interaction with VCCircle.
“Since inception, the company has doubled its revenue and we want to continue this trajectory. We will use the funds to make the right investments. A lot of this capital will be spent on market strategy, and we will also build a strong sales team in the US and European markets,” said Banerjee.
The company is also banking on its Co. dx platform, which is handy as it has pre-built modules. It can build a custom application for clients, and deliver the solution much faster, Banerjee added.
Arihant Patni, the Managing Director of Venture Capital (VC) company Ideaspring Capital, has made a personal investment in TheMathCompany. Gajendra Patni, the eldest of the three Patni brothers, developed Patni Computers, which he eventually sold for $1.5 billion to Nasdaq-listed iGate Technologies in January 2011.
“We have a good portion of our cap table set aside for ESOPs (employee stock option plan). Till date, more than 150 people have been given ESOPs, even freshers, on completing one year with us. We are also thinking of offering a buyback option, but we are still at a very early stage,” said Banerjee.
The company was founded by Sayandeb Banerjee, Aditya Kumbakonam, and Anuj Krishna. Banerjee said TheMathCompany partners with customers across the retail, pharma, automotive, technology, and manufacturing industries in the US, UK, and EU, and employs nearly 1000 data scientists, data engineers, and domain experts. It aims to double the company’s revenue stream and manpower in the coming years, he added.
The founding trio were previously colleagues at data analytics firm MuSigma.
Banerjee did not disclose the names of the clientele, but mentioned that the company works with three of the top five global CPG (consumer packaged goods) companies.
The company competes with the likes of Fractal Analytics, Tredent, Tiger Analytics, and MuSigma.
Avendus Capital served as financial advisor, and Shardul Amarchand Mangaldas & Company served as legal counsel to TheMathCompany. Bharucha & Partners and Paul Weiss served as legal counsel to Brighton Park Capital.