FTV Capital leads $56m round for Indian researcher
US venture investor FTV Capital has taken a minority stake in India-based industry research and consulting company MarketsandMarkets after leading a $56 million funding round.
India’s Zodius Capital also participated in the investment, which represents the company’s first round of institutional funding. The size of the equity commitment was not disclosed. The capital will be used for an international expansion effort, especially in US and European markets.
Launched in 2010, MarketsandMarkets claims to be the largest research firm in the world with about 5,000 customers, including 80% of Fortune 1000 companies. The company says it has grown at a rate of 100% a year and remained profitable, with a focus providing syndicated and custom research in high-growth, emerging markets.
“As technology is driving more rapid market disruption and opportunity, executives are demanding more in-depth insights about fledgling sectors to validate and guide their business decisions and investments worldwide,” Brad Bernstein, FTV’s managing partner, who will join the company’s board, said in a statement. “Unlike competitors who tend to focus on more mature industries, MarketsandMarkets has built a sustainable model for delivering timely, high quality research in emerging industries in a cost-effective manner.”
Accessing reliable data in new technology segments has emerged as an important strategic challenge in the due diligence process for investors. Complicating factors in major Asian markets stem largely from a combination of sharp growth rates in local innovation ecosystems and concerns around government manipulation of relevant intelligence. MarketsandMarkets estimates the value of its addressable global market at $40 billion.
FTV was set up in 1998 to make investments of $10-$85 million in companies across enterprise technology and services, financial services and transaction processing. It claims to have created more than $3.6 billion in total investment value and more than $2.3 billion in realized returns to date.
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