AbsolutData, a US-based provider of marketing data analytics services, has raised $20m in funding from mutual fund manager Fidelity’s Indian corporate venturing unit
Kabir Narang, director at Fidelity Growth Partners India, joins the AbsolutData board and said: “We had prioritised business analytics as an investment theme. This sector will continue to benefit from the dramatic increase in volume of data generated by consumer devices such as smart phones and tablets and the increase in computing power and storage capacity in organisations.”
The investment follows AbsolutData hiring in March Sundar Ramaswamy, Abishek Sawhny and Rahul Monie as head of operations, finance and technology, respectively, in its Indian office.