USEReady, a New York headquartered strategic data and analytics partner, has secured an undisclosed amount of growth capital from Boston-based private equity firm Abry Partners to expand operations in India.
The company plans to double down on its investments and focus on the Indian market.
Founded in 2011 by Uday Hegde and Lalit Bakshi, USEReady has developed data analytics products aimed at addressing gaps with technology vendor products. So far, it has remained bootstrapped and has grown its business. This is the company’s first institutional round.
Primarily serving customers in the banking, financial services, and insurance industries (BFSI), it provides end-to-end solutions that help customers navigate challenges in Legacy Modernization, Data Monetization, Data Governance and Security along with migration from on-premises to Cloud.
It plans to invest part of the funding to innovation and develop more IPs, a major part of the funds would be used to scale up its Indian operations by five times.
Hiring plans
It is planning to hire 1,000 data analytics and engineers in India this year. Currently, the firm’s total headcount stands at 400 across six offices globally.
“We have emerged as a strategic data and analytics partner with tools and capabilities to transform large enterprise DNA (Data and Analytics) and data culture. With practices built around visual analytics, cloud data, AI/ML and engineering services, USEReady is a perfect partner to every modern CDO (Chief Data Officer),” said Uday Hegde, CEO at USEReady
“We have grown by over 55 per cent in our order book and we felt the timing is right to bring on a reputed institutional partner, who understands scale. With this capital round, we plan to accelerate our expansion plans globally with a major focus in India,” Hegde added.
The firm is investing in several tier-II and tier-III cities in India to develop data analytics talent. It’s most recent location is at Mohali, Chandigarh apart from Gurugram and Bengaluru. It also operates from its New York, New Jersey and Toronto offices.
“Our biggest differentiator is that we have built a community. We are all part of the same data community. Today we welcome the Abry Partners team, Anders Bjork, Vidur Khatri and Christian Rodriguez to the USEReady community. Abry brings growth capital, wealth of knowledge and experience to help us grow to the next level.” said Lalit Bakshi, President, and COO at USEReady.
Arby Partners, Partner, Anders Bjork said, “USEReady caught our attention due to a highly differentiated offerings, strong culture with humility and customer centricity. USEReady’s customers love their people and employees love working here. Lalit and Uday have built an institution where the entire community roots for their success. With our investment and industry expertise we want to help USEReady scale to the next level.”
USEReady was advised by Clearsight Advisors and Seward Kissel.
Published on
May 18, 2022
