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Arihant and Amit Patni, members of the Patni family which sold Patni Computer System for $1.5 billion in 2011, announced the set-up of Hive India that will fund and incubate companies in the space of data analytics.
Hive India will work with entrepreneurs in the data analytics space who are seeking capital, guidance and mentorship.
Hive India is the venture arm of Silicon Valley based Hive started by T M Ravi and Sumant Mandal. Hive India will be based out of Mumbai and Bangalore and will provide a capital in the range of $2,00,000 to $20,00,000.
"Through our platform, we aim to help entrepreneurs create sustainable businesses that incorporate big data by providing them with initial capital, mentoring, technical and business guidance, and access to prospective follow on capital and strategic partners." said Arihant Patni, managing director, The Hive India.
The Hive India is interested in functional areas as well as verticals that lend themselves to innovative approaches and disruption by Big Data. Examples of functional areas of interest are multi-channel marketing, CRM, security, IT management etc.
Examples of vertical markets of interest are eCommerce and Retail, Media and Advertising, Financial Services and Insurance, Telecommunications, Healthcare etc.
A joint study by NASSCOM and CRISIL Global Research & Analytics estimates that the Indian Big Data industry will grow from $200 million in 2012 to $1 billion in 2015 at a CAGR in excess of 83%.
