Dutch Big Data startup Flytxt raises $11 M and guns for the Indian market
Flytxt, a Big Data analytics solution provider, has raised $11 million from Sunrise Capital and Big Data Investments B.V. with participation from its existing investors. Launched in 2008, headquartered in Netherlands, and with its corporate office in Mumbai, Flytxt provides Big Data analytics solutions for Communication Service Providers (CSPs) and Mobile Enterprises across the globe.
This fresh funding will be used to enhance market reach, build new products for CSPs and extend mobile consumer analytics solutions to other industry verticals.
Following the latest round of funding, Dr. Brigitte Mohn (Sunrise Capital, GmbH) and Frits Baron van Dedem (Big Data Investments B.V.) will join the Flytxt Board of Directors. The company plans to double its team through the next phase of growth.
Flytxt had previously received funding from a group of angels and family offices in Germany and The Netherlands. The seed fund was raised in 2008, followed by Angel round in 2013. Flytxt’s existing investors are Cliffton Holding Inc. (The Netherlands), IVC Venture Capital AG, RM Beteiligungsverwaltung, and Schnell Consult (Germany).
The company has deployed its platforms at more than 50 customer locations across 32 countries - analyzing the data of more than 500 million mobile consumers, and delivering two to seven per cent economic impact consistently.
Flytxt’s proprietary Big Data Analytics solutions enables leading global Communication Service Providers and Brands to generate measurable economic value from data - by increasing sales and revenues, optimizing margins, or enhancing customer experience. It caters to most consumer brands across verticals through its external monetization service in the Indian and Bangladeshi markets. It plans to offer new products to the CSP verticals so as to generate higher economic value.
Flytxt has more than 50 customers across 32 countries which include major communication service providers like MTN Group, Vodafone (India), Airtel (Africa), Idea Cellular (India), Vodacom (Mozambique), Robi Axiata (Bangladesh), Hutch (Sri Lanka), Etisalat (Afghanistan), Aircel (India) and brands like Samsung, Caterpillar, Nokia, P&G, Flipkart, and Marico (in India and Bangladesh). It has corporate offices in Dubai and Mumbai, and has a presence in Trivandrum, London, Singapore, Lagos, Nairobi, Dhaka and Mexico City.
It is looking to strengthen its business presence in the Asia-Pacific and EMEA (European, Middle East and Africa) markets as well as expand into the Latin American and CIS (Commonwealth of Independent States) markets.
It plans to build mobile enterprise solutions combining telecom and enterprise data. This means that it will work with consumer research, media planning, retail & e-tailors, realty, government, and transportation verticals. Besides, it also plans to extend its mobile consumer analytics solutions to other industry verticals like retail, BFSI, government and transportation.
Talking about their expansion plan in India, Dr. Vinod Vasudevan, CEO, Flytxt says,
We are currently working with three major operators in the country. India is very important for us from the market, customer and product development perspective.