Norwest invests $32m in India's Celebal Technologies
Norwest Venture Partners has invested USD 32m in India’s Celebal Technologies, a software consulting and delivery company active in artificial intelligence, big data, and cloud.
It marks Celebal’s first institutional investment since its inception in 2015. The company now employs more than 1,600 software engineers serving some 100 clients globally via partnerships with Microsoft and Databricks.
“They [Norwest] understand our business and are passionate about companies in the next-gen Cloud, Analytics, and AI services segments,” Anupam Gupta, co-founder of Celebal, said in a statement.
“In terms of market potential, we feel we've just scratched the surface and this partnership will enable us to pursue growth opportunities in the Microsoft and Databricks ecosystem.”
Celebal helps companies with digital transformations, providing services in data science, cloud innovation, chatbots, low code platforms, app development, and process automation among other areas.
The company claims to offer tailor-made services for the financial services, manufacturing, retail, and healthcare industries, as well as support with systems related to customer data, supply chain, logistics, financial analytics, and sustainability.
“Norwest's deep business and technology services sector expertise, along with its global portfolio presence, complements Celebal Technologies' strengths and ability to grow the business in key markets and in new domains like sustainability,” Anirudh Kala, co-founder and CEO of Celebal, added.
Silicon Valley-based Norwest is an active investor in India, having backed local champions the likes of construction marketplace OfBussiness, food delivery business Swiggy, small business lender Finova Capital, and media technology supplier Amagi.
Earlier this week, Norwest realised an exit from Five Star Business Finance, a leading microfinancier in the country, as a result of an approximately USD 195m IPO. The VC firm held about 10.2% of the company at the time of listing.
Norwest’s India team is led by Niren Shah, who previously served as senior director of strategy and ventures at eBay in Silicon Valley and part of the leadership at eBay Ventures. Shah was part of the founding team of Baazee, which was India’s largest e-commerce marketplace before being acquired by eBay in 2004.
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