Among the many Information Technology startups, Helical IT Solutions, a Hyderabad based technology company providing services in open source data warehousing and business intelligence services, has been moving up the ladder with incredible pace and bagged a seed funding of INR 2.5 million from the Singapore based Citibank within six months of starting operations.
The company which started in Nov. 2012 has catered to the technology needs of clients in various domains including e-commerce, insurance, energy, social media analytics, healthcare and human resource while building and managing their Business Intelligence (BI) platforms.
The eight member strong team in Helical is quite excited with the fund inflow and plans to use it primarily for recruitment and partnering with leading BI vendors in the open source space such as Jaspersoft and Pentaho. “We want to focus and build up our capability of providing sector specific BI offering with this fund,” one of founders Nikhilesh Tiwari said. Specializing in Open source technologies, Helical has proved to be a great bet for its clients cutting down on their costs and adding to their efficiency and turnover. Their services include BI, ETL, Data warehousing and data modelling, data visualization to name a few. Helical IT Solutions is an open source Data warehousing and BI company based out of Hyderabad. The company works primarily on Jaspersoft and Pentaho BI suite and on talend, on Talend and Kettle. According to Gartner’s 2012 CIO survey, analytics and BI is the No. 1 technology priority for CIOs in 2012.
BI, analytics and PM software market was the second-fastest growing sector in the overall worldwide enterprise software market in 2011. “India is growing faster than any other country in BI sector in Asia Pacific with 36 per cent growth rate and the market for BI software in India is forecast to reach revenue of $81.5 million in 2012,” he said. Every 15 seconds, an open source BI s/w is downloaded and around 80 per cent of them need consultation and services as to how use them. With the angel investment, plans are underway to expand the team and hiring, develop infrastructure, SI partnership with Jaspersoft & Pentaho to get projects from even bigger clients and at a higher margin. “Building a parallel team after some time and start working towards building a product (we have energy domain, ecommerce domain primarily in mind),” he said about future plans. It is not that the company had walked a rosy path as due to lack of resources, they had to turn down many clients like Jabong.com, Mangaquest, Inspire edge IT solutions, XiBoss.