Sequoia Capital has invested a total of $25 million from both its India and US growth funds in Chicago-based decision sciences and analytics services provider Mu Sigma, the firm said in a statement.
Mu Sigma helps Fortune 500 clients make business decisions in the areas of marketing, supply chain and risk analytics through the use of applied math, business and technology. The company's main delivery centre is in Bangalore, India.
“The big-data phenomenon presents a massive opportunity for large corporations that can use analytics to make the right business decisions quickly and drive improvements to their top and bottom line, and Mu Sigma is an enabler for that,” Shailendra Singh, managing director at Sequoia Capital, said in the statement.
The statement cited data from global consulting firm McKinsey which predicted that in order for businesses to handle an explosion of “Big Data” — defined as data sets too big to be readily handled by today’s database technology — another 140,000 to 190,000 deep analytical talent positions need to be created in the coming years.
Mu Sigma received its first institutional investment from venture firm FTV Capital (then FTVentures) in 2008.
Brad Bernstein, Mu Sigma board member and partner at FTV Capital, said in the statement that the company’s revenue had grown 600 percent since FTV invested in the company.
Sequoia India lost its original management team earlier this year when Sumir Chadha, KP Balaraj, SK Jain and Sandeep Singhal left to re-establish WestBridge Capital, the firm they led before being absorbed by Sequoia. The firm has reportedly garnered $200 million in commitments from a range of “global bluechip limited partners” since breaking away.
Sequoia moved quickly to try to fill the void left by the departures, promoting Abhay Pandey, GV Ravishankar, Mohit Bhatnagar, Shailendra Singh and VT Bharadwaj to managing directors.
They are among the 12 executives who remain on Sequoia’s India investment roster, according to the firm’s website.