Patni Brothers set up incubator for India big data start-ups

According to The Economic Times, Hive will invest $200,000 to $2 million in data analytic start-ups that already have revenues and customers. The Patnis plan to back 4-5 companies every year over the next two years, with an exit horizon of 8-10 years.

The brothers are scouting for start-ups focused on the US market and with expertise in such areas as telecom, fraud detection, social media and customer relationship management.

The fund is modeled on Silicon Valley-based The Hive, which Arihant Patni is part of. This offers offers office space, seed financing of up to $1.5 million as well as technology and business support for data analytic startups.

"We earlier started a sector agnostic fund, but later realised we could not differentiate ourselves," said Arihant Patni. "Our aim is to create at least three big data startup successes out of India in the next few years."

There have been a number of venture capital investments in the big data space recently. In June TA Associates acquired a minority stake in Mumbai-based data analytics provider Fractal Analytics for $25 million.

Qubole, a Bangalore-based big data firm, raised $7 million in Series A funding from Lightspeed Ventures, Charles River Ventures and angel investors Anand Rajaram, the head of WalmartLabs, and Cambrian Ventures founding partner Venky Harinarayan.

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