Decimal Point Analytics raises Rs 35 crore from investor in Middle East
Data analytics firm Decimal Point Analytics on Friday said it raised Rs 35 crore from a financial services company in the Middle East.
Decimal Point Analytics' chief executive Shailesh Dhuri said a large part of the fresh capital will be deployed for cloud-based solutions to be developed by its newly started arm based at GIFT City in Gujarat.
The strategic investment will help the company grow over the next 4-5 years, he said, adding that the investor gets a significant minority stake.
Dhuri said it is a profitable company and is targeting to close FY23 with a top line of Rs 70 crore.
It is targeting to keep doubling revenues every year and go public through an initial public offering in the next three years, Dhuri said, adding that by that time the revenues would have touched Rs 300 crore per annum.
In the future, it is looking at serving newer segments like insurance through catastrophe modelling analytics and has also started working with manufacturing companies.
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