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TMCNet:  Patni brothers hire senior executives to lead big data fund [Software & Services] [Times of India]

[January 14, 2014]

Patni brothers hire senior executives to lead big data fund [Software & Services] [Times of India]

(Times of India Via Acquire Media NewsEdge) The Patni brothers, Arihant and Amit, who are crafting a fresh innings in venture capital investing, have hired two senior executives to lead their newest fund, The Hive India that invests in data analytics companies.


The incubation firm will have a new principal leading the India operations, Vinita Ananth, 40, a former Hewlett-Packard executive from Silicon Valley and founder of GitGrow, a software company which simplifies web analytics. Deepak Agrawal, 32, an associate vice president at Nirvana Venture Advisors, the Patni's internet-focused fund, has now moved to The Hive.

"Indian companies need to focus on global markets from day one. I want Hive to make companies think they are part of the global economy," said Arihant Patni, a chemical engineer from the University of Pennsylvania. After their family sold Patni Computer Systems to outsourcing services firm iGate for about $1.2 billion (Rs 7,441 crore)two years ago, the brothers have backed startups in the internet and big data space.

Nirvana Venture Advisors, a $45-million (Rs 279 crore) fund, is led by Rajan Mehra, former country head for eBay in India, has invested in companies such as online gaming company Games2Win, health insurance services provider Remedinet and talent analytics company Jombay.

The Hive India, which currently invests out of a corpus of about Rs 30 crore that Arihant, its managing director describes as "prop capital" has made one investment in data analytics firm Flutura.

In the coming year, the fund will raise outside capital to close a target fund of about $50 million (Rs 310 crore).

"We are excited with the internet story, the mobile platform has given non-computer users access to information," said Arihant. Hive India, which is part of Silicon Valley-based The Hive, which is part owned by the Patnis, offers seed financing of up to Rs 13 crore as well as technology and business support for data analytic startups.

The premise for this fund is finding teams in India that have big data ideas to serve global markets such as US and Europe.

"Angel money is available for two people trying to build something from garage, but once you start to get validation you need to work with companies. This where we bring immense value," said Ananth. California-based The Hive was cofounded by Sumant Mandal, a managing partner at venture capital firm Clearstone Venture, and TM Ravi, former chief marketing officer of information management company Iron Mountain.

It is now expecting to raise around $50 million (Rs 310 crore) next year.

(c) 2014 Bennett, Coleman & Company Limited

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