Navikenz will use the investment to expand its footprint in India and the United States.
Founded last year by the former president of IT services at Mindtree, Anjan Lahiri, Navikenz enables organizations to implement AI solutions to improve business processes.
The founding team also included Samit Deb, Balaji Krishnan, Megha Jain and Gurudatta Kamath.
In the next five years, the startup aims to become a significant player in the IT services space,
“With a management team that can easily handle businesses worth more than a billion dollars, it will look at organic and inorganic means of achieving the scale required to serve the needs of its Fortune 500 target customers,” the company said in a statement.
Discover the stories of your interest
The AI consulting company is looking to hire more talent from India in its AI architecture and business consulting segments.
“We are building operations in Bangalore and Noida, and we will be looking for more talent in India. We have done a little bit of campus hiring this year, so while team build-up will be here in India, the customer build-up will be in the US,” Lahiri told ET.
Since 2021, Navikenz has been serving Fortune 500 companies, helping them in recognizing the strengths of its AI-based solutions, such as Business Process Consulting, Enterprise Architecture, Cloud, and Data Science capabilities. The company competes in parts with Tiger Analytics and US-Based Fractal Analytics.
“We are talking to some large companies in India, we have already established a customer base in the US who are all $10 billion-plus value companies,” Lahiri added
According to a recent survey by consultancy McKinsey, 56% of all respondent companies reported AI adoption in at least one function, up from 50% in 2020.
The newest results suggest that AI adoption since last year has increased most at companies headquartered in emerging economies, which include China, the Middle East and North Africa. Across regions, the adoption rate is highest at Indian companies, followed closely by those in Asia-Pacific.
“We are here to turn it around to 2-3 years, but to add value to our customers…the objective is to create more use cases of AI and tap the Indian innovative spirit which the (Covid-19) pandemic has made even more globally accessible,” Lahiri said.