Tracxn raises $10M to fund startup incubator TracxnLabs

ads

Tracxn, a research platform for private market investors, has raised $10 million in a round of funding led by Sachin Bansal and Binny Bansal of Flipkart along with other individual investors. The platform will use the funding to launch an incubator called TracxnLabs, which will invest $20,000 to $50,000 in various startups.

Note that Tracxn had recently raised $3.5 million in a round of funding led by SAIF partners in April this year. The platform had said then it would use the money to expand its team of 30 analysts to 150 by the end of the year. Tracxn had also initially received angel funding from the Flipkart co-founders.


According to Tracxn, its incubator TracxnLabs, will invest in startups in over 100 sectors that it performs analytics in. The platform encourages users that want to build a startup, startups in crowded sectors, users that have startup ideas but don’t want to startup, and users with an idea and a team to apply for this program. The platform will then match up interested developers with ideas they want to work on in case a user doesn’t want to work on their own idea.


Tracxn mentions it will not ask startups for equity and will potentially give them $50,000 to $60,000 for developing a minimum viable product (MVP). Other than this, startups will gain access to Tracxn’s sector research platform to scan relevant markets, work with analysts to understand trends and feedback on ideas. Users who had the original idea, if not working on the startup, might get a chance to invest in the MVP round.


Founded in 2013 by Neha Singh and Abhishek Goyal, Tracxn is targeted towards the VC industry, PE funds and Corp developments and monetizes via a subscription fee. The platform sources its data from various resources including blogs, Twitter, Google News, Alexa, Whois, LinkedIn and SimilarWeb etc and provides its customers with insight if a startup should be invested in or not.

Earlier this month, the company had launched another new platform called Tracxn Syndicate that lets startups connect with potential investors. According to the company, anyone can apply post which it will pick 1-2 of the most promising startups in upcoming sectors, as well as showcase up to 2 startups every week to all registered angels.


Funding in big data: In the past year or so, quite a few startups in analytics have raised funding.Earlier this month, data sciences and analytics firm Saama Technologies raised $35 million in a round of funding from California-based Carrick Capital Partners.


In February, data analytics firm Manthan System raised $62 million in a round of funding led by Temasek and participation from existing investor Norwest Venture Partners. It had previously raised additional funding from Norwest and Fidelity Growth Partners in August 2014 and had raised $15 million in a Series C round of funding from Norwest Venture Partners back in February 2012.


Big data company Indix had raised $8.5M from Avalon and Nexus in March last year, while Mumbai based big data analytics firm Germin8 had secured $3M in funding from Kalaari Capital in the same month.Tech Mahindra also acquired 75% stake in the big data analytics company Fix Stream Networks Inc (FSNI) for $10 million in April last year.



Related Tags:, , , , , , ,
ads

Hottest ProductsMore