From Chaos To Clarity Via Data And Analytics
In the current business environment, data has transcended the role of a mere asset to become a necessity for progressive enterprises. Recognising this shift, Shub Bhowmick, Sumit Mehra and Shashank Dubey founded Tredence Analytics Solutions in 2013. It is committed to bridge the gap between data and actionable insights through artificial intelligence and data science solutions.
Shub Bhowmick, Co-founder and CEO of Tredence disclosed, “Our long-term goals include an ambitious target of achieving half a billion dollars in revenue by 2026.” He believes that the growth will be facilitated by its inorganic growth strategies, acquisitions, and expertise in emerging areas such as generative AI.
Industrialisation of AI
Headquartered in San Jose, California, Tredence is a global data science solutions provider focused on solving the last-mile problem in AI. The ‘last-mile’ is the gap between insight creation and value realisation. The company helps clients accelerate value realisation from their analytics investments. Tredence has over 1,800 employees with offices in San Jose, Foster City, Chicago, London, Toronto and Bengaluru.
In December 2022, the company secured US$ 175 million in Series B round from Boston-based private equity firm Advent International. Prior to that, it raised US$ 30 million in Series A from Chicago Pacific Founders (CPF) in December 2020. CPF achieved over four times returns on their investments in Tredence.
Growth Graph
The recent funding validated its strategic direction and has also been utilised to expand its capabilities in data and AI. “In addition, the US $30 million we previously raised from Chicago Pacific Partners at a US $100 million valuation furthered our solid foundation and we were able to increase the value significantly within two years,” said Bhowmick.
Talking about the scorecard, Bhowmick shared, “In terms of revenue, we closed at a little less than US$ 100 million in 2022 and we are expecting to top up that growth by approximately 40-50 per cent by the end of this year.”
Bhowmick and other co-founders are excited about the opportunities that lie ahead, particularly with their new verticals in the BFSI sector, healthcare, along with its new generative AI and marketing-tech practices.
Future Plans
“I see a future where India sets global standards in AI innovation,” Bhowmick asserted. Tredence will be focusing on acquiring companies in healthcare and BFSI with revenues in the range of US$ 10-15 million. Its strategy for expansion into these sectors is targeted and strategic, which aligns with its larger goal of broadening its industry reach.
Geographically, its acquisition strategy is also aimed at extending its footprint, particularly in new regions such as Europe and the Middle East. “Our AI Studio comprises over 100 engineers based in India and we currently invest 10 per cent of our revenue in innovation. I anticipate this investment to grow in the coming years,” Bhowmick summed up.
The company’s corporate M&A office is actively engaged with potential acquisitions and the co-founder anticipates additional announcements by late 2023 or early 2024.
