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iCreate Software raises INR 50 Crores in funding round led by Sequoia Capital.

iCreate Software has announced the successful completion of Series B round of funding of INR 50 Crores. The investment was led by Sequoia Capital; IDG Ventures India, the Series A investors, also participated in the Series B round. As part of this investment, Gautam Mago from Sequoia Capital India Advisors will join the board.

The funding is expected to help iCreate grow its market potential exponentially by expanding its product portfolio, entering newer markets and deploying flexible engagement models to deliver superior banking decision enablement solutions. iCreate's banking software products power more than 20 banks across Asia, Europe, Africa and the Middle East, such as HDFC Bank, IndusInd Bank, Bank of America, Gulf Investment Corporation, Capitec Bank, BankMandiri, SAIB Egypt and East West Bank among others.

Shailendra Singh, Managing Director, Sequoia Capital India Advisors said, "iCreate has been delivering compelling value to the global banking sector with their banking BI and analytics products. In a very short period of time, they have built up an admirable roster of clients by delivering vital, actionable business intelligence to banks. We are excited to partner with the iCreate leadership team to help build a valuable global software product company coming from India."

TC Meenakshisundaram, Founder and MD, IDG Ventures India added, "I am delighted to welcome aboard our new partners Sequoia Capital. IDG Ventures India has been an investor in iCreate since 2010, and believes in its ability to help banks become agile in their decision making to manage the increasing volatility in business. The years ahead will be a defining phase for iCreate and I look forward to work with the expanded leadership team."

Vivek Subramanyam, CEO, iCreate added, "I am extremely happy to welcome aboard Sequoia Capital.Our endeavours to 'define the bar' of innovative solutions in the Banking decision sciences space just got a valuable partner. I am confident that Sequoia's experienced team will provide a fresh perspective in our journey to become a category leader in global banking decision sciences."

2012 CPI Financial. All rights reserved.

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Publication:CPI Financial
Geographic Code:9INDI
Date:Dec 12, 2012
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