On Wednesday, data analytics software company Flytxt announced raising Rs 70 crore from Germany-based DAH Beteiligungs GmbH, a holding company owned by the family of Dietmar Hopp, Co-founder of enterprise software behemoth SAP.
According to the press statement issued, the company plans to invest the new funds in R&D, while continuing to evolve the software product to expand to other verticals, apart from just telecom.
Flytxt is an enterprise customer data analytics product company that manages and analyses large volumes of customer data and derives actionable insights.
With more than 50 telcos and a total customer base of 100 clients, the company claims to have deployed its product in more than 40 countries. It also has built-in applications to leverage insights for digital customer engagement and services.
Further, according to the company, in certain markets, Flytxt and telco partners also provide brands and agencies with aggregated and anonymised customer insights for executing targeted mobile advertising campaigns.
Speaking about the company and investments, Dr Vinod Vasudevan, CEO, Flytxt, said,
“Flytxt started in 2008 with a vision to provide over 10 percent measurable economic value to enterprises using customer data analytics technology. Today we have the third generation of our product, and more than 100 enterprises, including some of the largest telecom operators in the world, benefit from it. This investment will help us to serve our customers more efficiently as well as invest in R&D, and grow faster through cloud offerings and channel partnerships.”
The added investment will also help the company execute its claimed order book of more than Rs 500 crore. At present, the company is headquartered in the Netherlands and has offices in Dubai and India with regional presence in Paris, London, Singapore, Nairobi, and Mexico City.
In July 2015, the data analytics provider had raised $11 million from Sunrise Capital and Big Data Investments BV with participation from its existing investors. The funds were raised to enhance market reach and extend mobile consumer analytics solutions to other industry verticals.