Ganit, a leading startup in the AI and Data Analytics space, has raised an undisclosed amount as part of their pre-series A funding round. Strategically enabling enterprises to translate data into actionable insights, the organization seeks to address the major challenges faced by Industry leaders in a rapidly evolving business landscape where the adoption of AI technologies is now approaching ubiquity.
The round was led by Sangeet Kumar, co-Founder & CEO of Addverb Technologies, Krishnan Vishwanathan, Co-Founder & CEO, Kissht, Anshul Gupta & Amit Raj, co-founders of EatClub Brands (formerly Box8), among others. The product of years of research and industry experience, Ganit was founded in 2017 by three veterans of the Data Science industry – Shivaprasad KT, Ashok Harwani and Hariharan R.
The organization was incorporated with the aim of flipping the data science value chain. Observing organizational leaders struggle with the effective utilization of their captured data as well as their reluctance across the board in adopting analytical solutions, Ganit aims to make data consumable more than ever before through practically built solutions, focusing on designing and deploying purpose-built AI/ML solutions to maximize decision-velocity and minimize decision-risk across industries.
Commenting on this fundraise, Shivaprasad KT, Co-Founder & CEO, Ganit said, “We are excited about the possibilities in the data analytics and AI ecosystem and their impact on various industries. Our single-minded purpose is to empower businesses with data-driven decision-making capabilities. Having investors who share the same passion for the business of data has been extremely rewarding.”
Ganit has been doubling its growth Y-o-Y consistently for the last 4 years, with 100% client retention. The organisation continues to work with Fortune 1000 clients across retail, pharma, consumer products and services,and BFSI industries across several geographies. The new infusion of capital is slated to be used to expand its product portfolio in various spaces including, but not limited to – Voice of customer, forecasting, promotion planning, route optimization, price optimization as well as fast-growing emerging areas such as ESG (Environmental, Social and Governance). In addition to an expansive array of products, Ganit is also looking to more than double its headcount to 500 by the end of 2023.
Comments from Amit Raj, Angel Investor, align with Ganit’s vision. “We are excited about our association with Ganit. The founders’ expertise on the subject combined with their passion and energy reflects in the commitment and vision they have for the company and the ecosystem. The world needs data which will just not sit in silos for various reports but will be turned into actual attainable action. Ganit has cracked the code on how to help enterprises achieve just that. We are happy to be part of this story and wish the team great success”, said Amit Raj, Angel Investor and Co-founder, EatClub Brands (formerly Box8).
According to International Data Corporation (IDC), the artificial intelligence (AI) market in India is expected to grow at a five-year compound annual growth rate (CAGR) of 20.2% and reach US$7.8 billion in total revenues by 2025. Industry experts also suggest that data science and AI could contribute up to $15.7 trillion to the global economy in 2030. This reiterates the need for data driven decision making for enterprises of all sizes.
The challenge of spearheading the adoption of AI and Data Analytics across verticals requires a bold approach, and Ganit seeks to be that bold new leader with its purpose-driven approach towards building scalable solutions for industries.