Data analytics firm Tracxn that provides financial information on start-ups has raised a new round of funding led by Flipkart founders Sachin Bansal and Binny Bansal alongwith a few other angels participating.
Tracxn has raised over $10 Mn in this round for launching its incubator called TracxnLabs. TracxnLabs has started working with more than 10 start-ups and will announce deals over the coming months in sectors such as online rentals, lending and food technology. TracxnLabs plans to invest a minimum viable capital between $20-50K in startups.
With its new startup incubator, Tracxn plans to use its large database and research of startup information to help entrepreneurs with start-up ideas and funding trends. TracxnLabs will share research information and insights with aspiring startups to not only to help them discover trends in their respective sector, but also to scan markets and reveal plays which are still in their infancy.
“As Tracxn’s research became intensive and comprehensive in select sectors, we began to observe large gaps in the market,” Tracxn co-founder Abhishek Goyal said. “In parallel, we shared our research with a few entrepreneurs who found it immensely helpful in refining their initial idea. Over time it became apparent we could contribute to entrepreneurs. Hence, we decided to scale this initiative.”
“With the current pool of capital, we can easily work with 50 start-ups a year. As our capital pool increases, we can work with a much larger set of start-ups,” Tracxn co-founder Neha Singh said.
“We are passionate about start-ups and want to contribute in the growth of the entrepreneurial ecosystem in India,” Flipkart chief executive officer Sachin Bansal said. “TracxnLabs is a very disruptive initiative and, if it succeeds, it can potentially help in multiplying the number of quality companies coming out of India.”