The round, which also saw participation of Zodius Capital, is the first institutional capital raised by MarketsandMarkets, the company said in a release.
The firm provides syndicated and custom research focused on high-growth and niche markets. It plans to use the proceeds for growth and global expansion, focused on the U.S. and European markets.
FTV Capital managing partner Brad Bernstein will join the company’s board, following the transaction which was advised by Avendus Capital Pvt Ltd.
Launched in 2010, MarketsandMarkets, founded by Sandeep Sugla and Aman Gupta, claims to be servicing 5,000 customers worldwide including 80 per cent of global Fortune 1000 companies.
US-based FTV Capital is a growth equity investment firm that has raised over $2.7 billion to invest in enterprise technology & services, financial services and payments & transaction processing space.
Founded in 1998, FTV Capital has 97 portfolio companies including MuSigma (acquired in 2012), MarketShare (acquired by Neustar in 2015) and EXL (listed in 2006).
According to Brad Bernstein, FTV Capital managing partner, “Unlike competitors who tend to focus on more mature industries, MarketsandMarkets has built a sustainable model for delivering timely, high quality research in emerging industries in a cost-effective manner.”