Ganit, a Chennai-headquartered start-up in the AI and Data Analytics space, has raised an undisclosed amount as part of its pre-series A funding round. The round was led by Sangeet Kumar, co-founder and CEO of Addverb Technologies; Krishnan Vishwanathan, co-founder and CEO of Kissht; Anshul Gupta and Amit Raj, co-founders of EatClub Brands (formerly Box8) among others.
The start-up intends to use the fund to expand its product portfolio in various spaces. The firm is also looking to double its headcount to 500 by end of 2023. Shivaprasad K.T., co-founder and CEO, Ganit, said the aim of the firm was to empower businesses with data-driven decision-making capabilities.
Ganit was founded in 2017 by three veterans of the data sciences industry – Shivaprasad K.T., Ashok Harwani and Hariharan. R. The start-up claims that it has been doubling its growth year on year consistently.
According to International Data Corporation (IDC), the artificial intelligence (AI) market in India is expected to grow at a five-year compound annual growth rate (CAGR) of 20.2% and reach US$7.8 billion in total revenues by 2025. Industry experts also suggest that data science and AI could contribute up to $15.7 trillion to the global economy in 2030.
