Neewee Analytics secures funding from IIFL Asset Management, others
Summary
Global industrial analytics firm Neewee Analytics has raised $4 million (Rs 27.6 crore at the current exchange rate) in a Series A funding round led by IIFL India Private Equity Fund, an investment vehicle floated by IIFL Asset Management Ltd. A Canada-based investment firm that wasn’t named also participated in the round which was facilitated by Radix Capital Advisors, according to the statement. “This fundraise sets us up for our next phase of growth, which is to focus on growing European and Indian markets further, while creating footprints in other geographies,” said Neewee co-founder Harsimrat Bhasin. Founded in 2014 by Suyog Joshi, Harsimrat Bhasin, Nataraj Soorkod and Guchhu Gul Lalwani, the firm works with companies in manufacturing segments such as aviation, tobacco, automotive components, among others. Another investment vehicle, IIFL Seed Ventures Fund 1, has previously backed on-demand food delivery service Box8 and Google-backed Fynd among others. January 2019: Private equity firm Apax Partners agreed to acquire a significant minority stake in Fractal Analytics for $200 million (Rs 1,400 crore) through a mix of primary and secondary share purchases.