Banking Decision Sciences company iCreate Software raises INR 50 Crores in funding round led by Sequoia Capital
Series B venture funding to accelerate market expansion and boost innovation efforts.
- (1888PressRelease) December 13, 2012 - iCreate Software today announced the successful completion of Series B round of funding of 50Crores. The investment was led by Sequoia Capital; IDG Ventures India, the Series A investors, also participated in the Series B round. As part of this investment, Gautam Mago from Sequoia Capital India Advisors will join the board.
The funding is expected to help iCreate grow its market potential exponentially by expanding its product portfolio, entering newer markets and deploying flexible engagement models to deliver superior banking decision enablement solutions. iCreate's banking software products power over20 leading banks across Asia, Europe, Africa and the Middle East, such as HDFC Bank, IndusInd Bank, Bank of America, Gulf Investment Corporation, Capitec Bank, BankMandiri, SAIB Egypt and East West Bank among others.
Shailendra Singh, Managing Director, Sequoia Capital India Advisors said, "iCreate has been delivering compelling value to the global banking sector with their banking BI and analytics products. In a very short period of time, they have built up an admirable roster of clients by delivering vital, actionable business intelligence to banks. We are excited to partner with the iCreate leadership team to help build a valuable global software product company coming from India."
TC Meenakshisundaram, Founder and MD, IDG Ventures India added, "I am delighted to welcome aboard our new partners Sequoia Capital. IDG Ventures India has been an investor in iCreate since 2010, and believe in its ability to help banks become agile in their decision making to manage the increasing volatility in business. The years ahead will be a defining phase for iCreate and I look forward to work with the expanded leadership team".
Vivek Subramanyam, CEO, iCreate added, "I am extremely happy to welcome aboard Sequoia Capital.Our endeavours to 'define the bar' of innovative solutions in the Banking decision sciences space just got a valuable partner. I am confident that Sequoia's experienced team will provide a fresh perspective in our journey to become a category leader in global banking decision sciences".
Anup Pai, Founder & COO, iCreate added, "iCreate's domain-focussed innovations have been redefining the way the banking sector manages information. Shaking hands with a global leader like Sequoia Capital will help us launch the build efforts for newer products and expanding our portfolio. This new thrust will certainly catapult our growth and help us serve the banking fraternity better".
About iCreate
Headquartered in Bangalore, India with offices in Mumbai, South Africa, the Middle East and Europe, iCreate is a global Banking Decision Sciences leader that works with banks worldwide to enable faster, better decision making. iCreate's enterprise-grade solutions integrate with most banking systems and provide banks with a functional Decision Enablement System in a fifth of the time as compared to conventional options. iCreate's banking decision enablement solution suite includes Biz$core for Business Intelligence, Analytics, Risk & Compliance, powered by Fintellix data warehouse and data integration platform.
About Sequoia Capital
Sequoia Capital in India currently manages funds capitalized at close to US $1.4 billion and invests across venture, growth and late stage opportunities. It takes a long term view on investments and plays the role of an active, value added partner to entrepreneurs, business families and management teams. Over the last 5 years, Sequoia Capital has invested in more than 50 companies in India including Café Coffee Day, Idea Cellular, Just Dial, Manappuram Finance, Paras, Quick Heal, Micromax, Mu Sigma and Vasan Health Care. Sequoia Capital operates out of offices in Bangalore, Mumbai and New Delhi.
Globally, Sequoia Capital has an unparalleled track record of partnering with entrepreneurs to create global market leaders. Sequoia Capital has been an early investor in companies such as Google, Cisco, Yahoo, YouTube, Oracle, Apple, Zappos, Dropbox, and LinkedIn. Sequoia Capital maintains dedicated teams in US, China, India and Israel.
About IDG Ventures India
IDG Ventures India is a leading India-focused US$150 million technology venture capital fund. The fund is part of IDG Ventures, a global network of technology venture funds with more than US$6 billion under management, over 200 investee companies and 10 offices across Asia and North America. The fund's lead investor and sponsor is the International Data Group (IDG), the world's largest IT media company. By combining the IDG platform - an unparalleled combination of global technology publishing, market research (IDC), and conferences/exhibition resources - with years of hands-on experience in early-stage Company building, IDG Ventures India helps its investee companies understand their markets better and penetrate them faster than their competition.
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