Decimal Point Analytics raises Rs 35 crore from investor in Middle East

PTI | Mumbai | Updated: 27-05-2022 16:27 IST | Created: 27-05-2022 16:27 IST
Decimal Point Analytics raises Rs 35 crore from investor in Middle East
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Data analytics firm Decimal Point Analytics on Friday said it raised Rs 35 crore from a financial services company in the Middle East.

The Mumbai-based company, backed by former Sebi chief M Damodaran, provides analytics services to hedge funds, private equity funds and investment banks.

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.

As of now, the company has over 600 employees working out of delivery centres in the city and Nashik, and sales offices in New York and London.

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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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