Ganit Raises Undisclosed Amount In Pre-Series A Funding

The fund raised will be used to expand the company's product portfolio in various spaces

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Ganit, an AI and data analytics startup, has raised an undisclosed amount in pre-Series A funding round, led by Sangeet Kumar (co-founder and CEO of Addverb Technologies), Krishnan Vishwanathan (co-founder and CEO, Kissht), Anshul Gupta and Amit Raj (co-founders of Eatclub Brands), among others. The fund raised will be used to expand the company's product portfolio in various spaces including, but not limited to voice of customers, forecasting, promotion planning, route optimization, price optimization as well as fast-growing emerging areas such as environmental, social and governance.

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"We are excited about the possibilities in the data analytics and AI ecosystem and their impact on various industries. Our single-minded purpose is to empower businesses with data-driven decision-making capabilities. Having investors who share the same passion for the business of data has been extremely rewarding," said Shivaprasad KT, co-founder and CEO, Ganit.

Founded in 2017 by Shivaprasad KT, Ashok Harwani and Hariharan R, Ganit aims to make data consumable more than ever before through practically built solutions, focusing on designing and deploying purpose-built AI/ML solutions to maximize decision-velocity and minimize decision-risk across industries.

Ganit has been doubling its growth year-on-year consistently for the last 4 years, with 100 per cent client retention. The organization continues to work with Fortune 100 clients across retail, pharma, consumer products and services and BSFI industries. In addition to an expansive array of products, Ganit is also looking to more than double its headcount to 500 by the end of 2023, the company claimed in a statement.

"We are excited about our association with Ganit. The team's expertise on the subject combined with their passion and energy reflects in the commitment and vision they have for the company and the ecosystem. Ganit has cracked the code on how to help enterprises achieve just that. We are happy to be part of this story," said Amit Raj, angel investor and co-founder, EatClub Brands.

According to international data corporation, the artificial intelligence market in India is expected to grow at a five-year CAGR of 20.2 per cent and reach $7.8 billion in total revenue by 2025. Industry experts also suggests that data science and AI could contribute up to $15.7 trillion to the global economy in 2030.