AI, data analytics firm Ganit raises funds; to double headcount by 2023

Artificial Intelligence and data analytics startup Ganit on Tuesday said it has raised funds from a clutch of investors and expects to double headcount to 500 by 2023-end.

The company did not divulge the quantum of funds raised, but said the funding round was led by Sangeet Kumar, co-founder and CEO of Addverb Technologies; Krishnan Vishwanathan, co-founder and CEO, Kissht; Anshul Gupta and Amit Raj, co-founders of EatClub Brands (formerly Box8), among others.

"Ganit...has raised an undisclosed amount as part of their pre-series A funding round," the company said in a statement adding it is also looking to double its headcount to 500 by the end of 2023.

Ganit was founded in 2017 by three veterans of the data science industry Shivaprasad KT, Ashok Harwani and Hariharan R.

"Observing organisational leaders struggle with the effective utilisation 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 (Machine Learning) solutions to maximise decision-velocity and minimise decision-risk across industries," the company said.

The organisation works with Fortune 1000 clients across retail, pharma, consumer products and services, and BFSI (banking, financial services and insurance) industries across several geographies.

The new infusion of capital is slated to be used to expand its product portfolio in various spaces including, voice of customer, forecasting, promotion planning, route optimisation, price optimisation as well as fast-growing emerging areas such as ESG (Environmental, Social and Governance).

According to estimates by the International Data Corporation (IDC), the AI (artificial intelligence) market in India is expected to grow at a five-year compound annual growth rate (CAGR) of 20.2 per cent and reach USD 7.8 billion in total revenues by 2025.

Industry experts also suggest that data science and AI could contribute up to USD 15.7 trillion to the global economy in 2030. This underlines the need for data-driven decision making for enterprises of all sizes.