Ahmedabad based business analytics platform Magenta BI has raised angel funding worth Rs 60 Lacs from several Angel Investors. Santhosh G, Manoj Agrawal (CFO, HN Safal Group) and Sachin Chaturvedi (Promoter, Prarambh Group) among other angel investors had participated in the round.
The two-year-old startup will use the funds to ramp up the company’s sales, marketing and to expand its product offering.
Speaking on the fundraising, Mr. Vikas Mundhra (Founder & CEO of Magenta BI) said: “At Magenta BI we are 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 customized 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.”
Santhosh G conculded: “We are excited to partner with Magenta BI. Initially, 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.”
About Magenta BI:
Magenta Bi is a Gujarat based SaaS platform that was founded by two veteran professionals – Vikas Mundhra & Vikalp Somani – in 2018. The startup promotes itself as a business intelligence platform that aids small businesses to make data-driven decisions through actionable analytics.
The Ahmedabad headquartered startup basically integrates its system with company’s ERP and spots growth opportunities by identifying gaps in sales, purchase, inventory and payments.
The company is aiming to help nearly 10K SME through its actionable analytics platform in the coming period.