Analytics firm Tredence eyes expansion to newer verticals and markets
Data science and analytics company Tredence plans to enter into newer verticals such as BFSI and healthcare, besides focusing on the Middle East market.
Data science and analytics company , which is headquartered in Bengaluru and San Jose, is in an expansion mode as it looks to eye new market verticals and geographies.
Founded in 2013 by Shub Bhowmick, Shashank Dubey and Sumit Mehra, Tredence builds industry-specific technology solutions leveraging AI. It is now looking at entering newer verticals like BFSI and healthcare. The company’s core vertical focus has been on retail, consumer-packaged goods, and technology, media, and telecom (TMT) sectors.
In a conversation with EnterpriseStory, Tredence CEO Shub Bhowmick said, “We are investing a lot into these ecosystems.”
According to Bhowmick, over the last decade, the company has garnered considerable experience in building pre-built technology solutions for various sectors such as supply chain management and customer management, resulting in revenue growth through higher efficiency and faster time to market, as per the company.
In addition to newer verticals, Tredence is also looking at expanding into new geographies as part of its growth strategy. Bhowmick said the company will soon be opening an office in Dubai to target the Middle East market.
Tredence gets an overwhelming percentage of its revenue from the US market and now aims to have at least 20% from the non-US markets in the near future.
It employs over 2,000 professionals, with 20% of them based in the US and the remainder in India. It also has a presence in Mexico, Canada and the UK. In India, the company is looking at expanding its development centres to Pune and Kolkata alongside its existing presence in Bengaluru, Gurugram, and Chennai.
Bhowmick said Tredence, which is a profitable company, has recorded an annual revenue growth in the 90% range and expects to maintain this momentum going forward. He claimed that in CY 2022, it registered just a little short of $100 million in revenue.
The company has raised $205 million in funding till now, with Advent International investing $175 million in 2022. Chicago Pacific Founders invested the remaining $30 million.
On the generative artificial intelligence (GenAI) initiatives at the company, Bhowmick said Tredence has a suite of offerings and has also built partnerships with other companies. It has started projects on GenAI and is communicating about it to customers for a potential sale.
The company is also training its employees on the various facets of GenAI.
(The copy was updated to correct annual revenue growth.)
Edited by Kanishk Singh