IDGVI News: Media Coverage 2010

iCreate Gets Rs 15 Cr from IDG Ventures India

iCreate, focused on the banking sector, has raised Rs 15 crore in the first round of funding from IDG Ventures India

TheSmartTechie Magazine | March, 2010

By Deepika Cariappa


The shared conviction we have around the potential for domain-centric BI solutions was what endeared IDG to us as our investor of choice.

Bangalore based business intelligence company iCreate, focused on the banking sector, has raised Rs 15 crore in the first round of funding from IDG Ventures India. “The shared conviction we have around the potential for domain-centric BI solutions was what endeared IDG to us as our investor of choice,“ said Vivek Subramanyam, CEO, iCreate. Ranjith Menon, Vice President, IDG Ventures India confirmed the news saying, “What impressed us about iCreate was that they have built a profitable business within a short span of 3 years.”

Vivek added that the funding will be used to fuel iCreate’s growth strategy which includes building a global sales platform, increasing marketing efforts and continuing investment in product development. iCreate, founded in 2006 by Anup Pai has more than a decade’s experience in providing IT solutions to the banking space offering services like business intelligence and reporting, collections, compliance, risk management and fraud detection.

Ranjith, who joins the Board of Directors after this investment explained the board’s objectives, “The company has set itself very aggressive goals for the future. The board’s primary objective would be to facilitate that growth be it in terms of strategic hiring, go to market, etc. We have experience in the BI space and hope to leverage it for taking the company to the next level.”