Homegrown private equity firm Kedaara Capital has begun the new year with its maiden bet in the data analytics and AI solutions segment.
The PE firm said Thursday it has invested over $350 million (Rs 3,026 crore) in US-headquartered Impetus Technologies, which has six offices in India. It didn’t disclose the size of the stake it will get in Impetus.
In addition to its data, analytics, and AI service offerings, Impetus’ enterprise software product offerings include LeapLogic, a cloud and data migration accelerator.
The company claims that LeapLogic enables businesses to accelerate transformation of legacy data warehouse and analytics systems to any cloud environment with up to 95% automation, while ensuring business continuity and operational efficiency.
“Data, analytics and AI are key drivers for innovation in the technology landscape and represent some of the fastest growing markets, advancing transformation across industries," said Sunish Sharma, founder and managing partner at Kedaara.
The PE firm said the deal will help Impetus to leverage Kedaara’s global network and expertise and receive insights from its senior operating team comprising former CEOs with a proven track record of building market-leading businesses.
"The age of data-driven strategic business advantage is upon us, and Impetus is at the forefront. The most successful business leaders today recognize data as their most valuable asset and strive to leverage it at the speed of their business, no matter where it resides,” said Praveen Kankariya, founder and executive chairman of Impetus.
Impetus, which has a domain expertise in financial services, healthcare and travel sectors, has established partnerships with a broad array of companies including AWS, Databricks, Google Cloud, Microsoft, and Snowflake.
Kedaara is one of India’s leading PE firms. It was founded in 2012 by Manish Kejriwal, Sunish Sharma, and Nishant Sharma. It focuses on growth-oriented majority and minority investments, and manages assets worth over $6 billion. The firm has raised four funds, with its latest vehicle reaching a final close after securing around $1.74 billion. Kedaara invests in sectors such as manufacturing, financial services, technology, consumer and healthcare.
Kedaara counts listed value retail chain Vishal Mega Mart, eyewear unicorn Lenskart, SaaS firm Perfios and Aavas Financiers among its portfolio companies.
In the technology sector, the PE firm has invested in digital transformation services provider GAVS, digital product engineering services provider GS Lab, and revenue cycle management services provider R1.