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Magenta BI Raises Funds Led By CIIE.CO, TiE Udaipur
Ahmedabad based SaaS platform start-up Magenta BI, has raised an undisclosed amount in a Seed funding round from several Angel Investors of TiE Udaipur led by CIIE.CO. The company operates the Magenta BI platform that helps SMEs increase profit through actionable analytics.
They had announced the closure of their Seed Funding round from a group of Angel Investors as recently as September 2020. The group of Angel Investors in their last round also included 3 of their customers.
The investment will be used to grow the company’s sales, marketing and engineering to expand its product offering and client base. They are hiring across multiple profiles. More details here.
The company was founded in 2018 by entrepreneurs, Vikas Mundhra, Co-founder & CEO, Vikalp Somani, Co-founder & CTO. While working together for more than 11 years at iBall, they used lot of analytics to penetrate the market. In 2018, they started to notice something interesting. Not only the company but their distributors too were struggling with ERP/Excel reports. And all the generic BI solutions were not effective.
Vikas Mundhra, Co-founder & CEO of Magenta BI said:
“We have grown tremendously since the Seed Round in September 2020. It was this Growth that attracted CIIE.CO and the Angel Group — TiE Udaipur. Our existing customers are realizing the value and profits that lie hidden in their ERP. The fact that Magenta BI implementation happens in a matter of clicks and no change in team or software is required on part of the business owners and stakeholders has further helped us Grow”
Shashi Gupta, AVP — Regional Incubation at CIIE.CO remarked:
“We are excited to partner with Magenta BI. They are disrupting the Business Intelligence space by making it easier, faster and cost-effective for SMEs to implement BI. The fact that they are replacing a Business Analyst and complete Solution Implementation Life-Cycle altogether is a game-changer. Couple this with the fact that Magenta’s customers are able to identify profit-making opportunities across their Sales, Purchase, Inventory and Payment speaks volumes about the effectiveness of the Solution”
Vitrag Bhandari, Owner at Dolphin Computers said:
“We were using Tally and B1 and so every quote I was getting for BI implementation was impractical from cost standpoint. But I have to say that the way Magenta Team has done the integration with ERPs including Tally, Busy, B1 etc is just phenomenal. Our integration happened securely with a few clicks. We have been using Magenta for over 6 months now and have already identified gaps worth 40–45 Lacs. We are also seeing faster APCD (Average Payment Collection Days)”