“We are setting up the seed and leadership teams (in BFSI). There is a new wave of digital transformation that is happening in banking as well. A typical banking customer for a retail bank is no longer visiting the branch,” Shashank Dubey, co-founder of the company, told ET.
Apart from going after customer experience projects of neo-banks and fintechs, the Chicago Pacific Founders-backed firm will also be branching off into capital markets and property & casualty insurance, Dubey added.
This comes as the BFSI market has already overcrowded and matured in areas like core banking solutions, underwriting and risk analytics. Around 30-35% of a typical Indian IT services company’s revenue hails from this vertical and is their largest contributor to overall revenue.
“On the back of our verticalizations, alliances and partnerships with companies like Databricks, Snowflakes and Microsoft Azure, we will hit unicorn by 2024-end,” Dubey said, adding that the company targets to list in the US stock exchanges around the same time.
Also, the company’s average deal size has grown about 10 times – to $2 million-4 million per year post-COVID from $200,000-250,000 – due to the importance given to digital transformation projects.
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Global IT research firm Gartner forecasts the AI and data science platform market is to grow to over $10 billion by 2025 at a 21.6% compounded annual growth rate.
“We are trying to capture the data engineering, data science spend and be a partner in digital transformation. If you look at a typical chief information officers’ budget, about half of it is allocated to the AI and data transformation leg of digital transformation,” he said.
