Digital consulting company Brillio, which is backed by private equity firm Bain Capital, has secured capital from New York-based The Orogen Group, the companies said in a joint statement on Tuesday.
In July, VCCircle had exclusively reported that Orogen Brunson LP, a partnership firm between The Orogen Group, led by former Citigroup chief executive Vikram Pandit and New York-headquartered strategic investment fund Atairos, is in advanced talks to acquire a significant stake in Brillio.
The financial details of the transactions were not disclosed. However, Bain continues to be an investor in the firm, the statement added.
“This strategic investment not only strengthens our ability to accelerate innovation for our clients in a dynamic technology environment, but also brings us a partner who shares our passion for technology-led transformation,” said Raj Mamodia, founder and chief executive, Brillio.
Orogen’s investment will help Brillio through its strategic and operational experience, besides its network in the financial services industry, the companies said in a statement.
Orogen had earlier backed US-based title insurance firms AgentHome LLC and Ardan, and data analytics firm EXL.
Pandit, who led Citi during the 2008-2009 global financial crisis and left the banking giant in late 2012, Atairos joined hands to float The Orogen Group in 2016 to make control and other strategic investments in financial services companies and related businesses.
Atairos manages nearly $6 billion in assets and counts Comcast Corp, NBCUniversal and Sky among its strategic partners.
Brillio, founded in 2014, offers consulting and business services, with a focus on digital technologies and big data analytics. It operates in India through its subsidiary Brillio India Technologies Pvt Ltd.
Brillio entered India with the acquisition of data analytics startup Marketelligent.
Bain Capital acquired a majority stake in Brillio in January 2019, in a control transaction that was led by the private equity firm’s India team.
Since inception, Brillio has made four acquisitions.
Most recently, it bought Standav, a Salesforce consulting and system integration firm in 2021 and data insights company Cognetik Corp in 2020.
“We see a tremendous opportunity for Brillio to help deliver sustainable market differentiation to global businesses and look forward to working with the company’s management team to execute its strategic priorities,” Pandit said.
