* The investment will be used to grow Sales, Marketing & Engineering
* The firm will focus on expanding its Product and is hiring across multiple profiles
Mumbai, NFAPost: Magenta BI, the Ahmedabad based SaaS platform, has raised Rs 60 Lacs in Seed funding from several investors including Santhosh G, a Prolific Angel Investor, Manoj Agrawal (CFO, HN Safal Group) and Sachin Chaturvedi (Promoter, Prarambh Group).
The company was founded in 2018 by entrepreneurs, Vikas Mundhra, Founder & CEO and Vikalp Somani, Co-founder & CTO. The company operates the Magenta BI platform that helps SMEs make data driven decisions through Actionable Analytics.
Having played leadership roles at iBall since 2001, they tried to deploy a lot of analytics to penetrate the market. In 2018, they noticed that not only the company but their distributors too were struggling with ERP/Excel reports. And all the generic BI solutions were not effective. Thus the idea of Actionable analytics was born, giving rise to Magenta BI platform.
The investment will be used to grow the company’s sales, marketing and engineering to expand its product offering.
Speaking on the announcement, Vikas Mundhra (Founder & CEO of Magenta BI) said Magenta BI is excited about the funding from angel investors.
“It comes at a time when we are looking to scale and grow. In our earlier professional roles, we tried looking for existing solutions but the only option was to implement a customised Business Intelligence platform which was a major expense and needed technical know-how. While possible for a large enterprise, this is not feasible for an SME,” said Vikas Mundhra.
He also pointed out that this made it almost impossible for small and medium enterprises (SME) to make data-driven decisions.
“With the vision of enabling 10K SMEs to scale growth through Actionable Analytics, we started Magenta Bi. Our platform addresses this pain-point – Data-structuring, integrations and set-up happens in a matter of clicks. We are further encouraged by the investment and looking forward to help 10k SMEs,” said Vikas Mundhra.
Angel investor Santhosh G remarked he is excited to partner with Magenta BI even though business intelligence may seem to be a crowded market and that most products are “me-too”.
“However Magenta BI, is quite different and better because it is focussed on SMEs – an untapped segment. The company has developed and offers a robust, easy-to-use and affordable product that reduces the SME’s cost as well as helps them make better decisions across their Sales, Purchase, Inventory and Payments,” said Santhosh G.
Reinforcing the view, Silverline Infocom’s Navdeep Goyal said he is not only able to control Inventory and Outstanding at a Click but also able to identify gaps in Sales, Purchase, Inventory and Payment.
“Magenta BI is not a cost but an Investment; an investment into the ability to get a real-time analytics and insights towards Targets, Achievements and Gaps,” said Navdeep Goyal.
The company also plans to expand it’s product offering and is ramping up it’s hiring efforts to build a larger team. Magenta BI was founded in 2018 by 2 veteran professionals and plans to empower SMEs to make real-time, data-backed decisions to enable profitable growth.