Mumbai: Top industrialist Ratan Tata has invested an undisclosed amount in startup research platform Tracxn, the latter said.
Tracxn was started in 2013 by ex-investors Neha Singh and Abhishek Goyal. It leverages data analytics to help venture capital funds, private equity firms, and strategy teams globally track the startup market and identify interesting investable companies.
"At Tracxn, we are building a large startup intelligence platform to help investors and companies stay on top on all startup activity," its chief executive Neha Singh said in a statement. Through this investment, Tracxn joins a list of more than a dozen startups which are part of Ratan Tata's portfolio.
Prior to Tracxn, the Chairman Emeritus of Tata Sons had invested in the likes of Snapdeal, Ola Cabs, Paytm and UrbanClap, among others. Tracxn had earlier raised $3.5 million from SAIF Partners in April 2015.
The firm has increased its analysts team size from 25 to 125 in less than 12 months. Tracxn's client base has also seen a 400% increase over the last one year, and its clientele includes marquee names like Andreessen Horowitz, Sequoia, SoftBank, Google Capital, VMWare, GE and LG, the company said.
"Today, we work with over 300 customers across 20 countries. As we rapidly expand across geographies, Mr Tata's unconventional ways of building large companies with high diversity will be very useful," the startup's co-founder Abhishek Goyal said.