Kedaara Capital, a homegrown private equity (PE) firm in India, has invested $350 million in Impetus Technologies, a provider of data, analytics, and AI solutions, per an announcement.
The PE firm, led by Manish Kejriwal, has acquired a strategic stake in the company to spruce up innovation in its data and AI business.
“The most successful business leaders today recognise data as their most valuable asset and strive to leverage it at the speed of their business, no matter where it resides,” Praveen Kankariya, founder and executive chairman of Impetus Technologies, said in a statement.
Impetus caters to clients in the US and Europe. It has a headcount of 3,000 people globally.
Data and AI services have become key across all industries as enterprises increasingly focus on leveraging data-driven insights to drive innovation and gain competitive differentiation.
According to Gartner, this sector is expected to grow at a double-digit rate exceeding $500 billion in the next few years.
“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, which pursues control and minority investment opportunities in India.
The firm closed its fourth investment vehicle at a whopping $1.73 billion last year. It currently manages over $6 billion through investments across a variety of sectors, including consumer, financial services, pharma/healthcare, and technology/business services.
“These vintages are the best to deploy new capital,” Kejriwal had earlier told DealStreetAsia in an interview.
Kedaara’s portfolio companies include mortgage lender Aavas Financiers, rural India-focused microfinance firm Spandana Sphoorty, omnichannel eyewear retailer Lenskart, education loans-focused non-banking lender Avanse Financial Services, online beauty products platform Purplle, and eyecare chain ASG, among others.
