Sequoia plays lead role in $9m funding for iCreate

Series B venture investment to accelerate market expansion

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Sequoia plays lead role in $9m funding for iCreate iCreate is now expected to enter new markets with an expanded product portfolio.
By  Stephen McBride Published  December 12, 2012

Banking analytics specialist iCreate Software today announced the successful completion of Series B round of funding of INR 50 Crores ($9.2m). 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 by expanding its product portfolio, entering newer markets. iCreate's banking software products are installed in over 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.

"iCreate has been delivering compelling value to the global banking sector with their banking BI and analytics products," said Shailendra Singh, managing director, Sequoia Capital India Advisors.

"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".

"I am extremely happy to welcome aboard Sequoia Capital," said Vivek Subramanyam, CEO, iCreate.

"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".

Anup Pai, founder & COO, iCreate added, "iCreate's domain-focused innovations have been redefining the way the banking sector manages information. Shaking hands with a global leader like Sequoia Capital will help us launch the build efforts for newer products and expanding our portfolio. This new thrust will certainly catapult our growth and help us serve the banking fraternity better".

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