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Fidelity Growth Partners India, the private equity arm of Fidelity Worldwide Investment, today said it will invest $20 million (Rs 110 crore) in AbsolutData, a data analytics services provider.
With this round of investment, AbsolutData aims to scale up its global delivery footprint to meet the growing demand for advanced and big data analytics, AbsolutData said in a statement.
The company, however, did not disclose the stake Fidelity Growth Partners India will have in it following this fund infusion.
“This investment will enable us to further strengthen our ability to service the increasing demand from our global clients,” AbsolutData CEO Anil Kaul said.
As part of this transaction, Kabir Narang, Director at Fidelity Growth Partners India, has joined the AbsolutData Board of Directors.
“We had prioritised business analytics as an investment theme. This sector will continue to benefit from the dramatic increase in the volume of data generated by consumer devices such as smartphones and tablets and the increase in computing power and storage capacity in organisations,” Narang added.
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