[Funding alert] o9 Solutions startup raises $100 M from KKR, plans to step up hiring in India
Integrated business planning software startup o9 Solutions on Wednesday said it has raised $100 million (around Rs 761 crore) from global investment firm KKR.
KKR has picked up a minority stake in o9 Solutions, valuing it over $1 billion.
The startup intends to hire India-based talent in emerging technologies like artificial intelligence, machine learning and other key technologies in the digital transformation space as well as expand its customer base in Asia, it said in a statement.
o9's platform is powering the planning and operations for large enterprise clients across industry verticals, including retail, consumer goods, apparel, consumer electronics, industrial manufacturing, and oil and gas.
o9 was set up by Sanjiv Sidhu and Chakri Gottemukkala, both Indian Americans from Hyderabad.
"The funding from KKR is enabling us to accelerate growth across global markets, including India. India is also the place where we hire world-class development and consulting talent. In the last year, our India team grew by close to 100 per cent," o9 Solutions co-founder and CEO Chakri Gottemukkala said.
The company has onboarded about 100 new people even in the midst of the COVID-19 pandemic and will continue to hire experienced professionals and freshers from IITs, IIMs and other premier institutions, Gottemukkala added.
Jake Heller, co-head of KKR's Technology Growth team in the Americas, said digitisation and the rapid advancement of economies in Asia are secular growth themes that KKR has been focussed on.
"Sanjiv and Chakri are industry pioneers who have built a best-in-class team and technology platform for digitally transforming how supply chains and operations are managed. We are thrilled to be the first external investor in o9 and to provide the support of our global platform as the team continues to accelerate their growth in Asia," Heller said.
o9 has over 500 employees globally, of which more than 350 are based in India. Its clients in India include different divisions of Aditya Birla group, Tata Group, and leading paint companies.