IIFL Asset Management Ltd (IIFL AMC) has recently bought a minority stake in analytics company Neewee Analytics Pvt. Ltd via IIFL India Private Equity Fund.
Neewee is a industrial analytics company with its focus on the manufacturing sector and licenses its product under Bodhee brand.
The company was founded by Suyog Joshi, Harsimrat Bhasin, Nataraj Soorkod and Gucchu Gul Lalwani, in 2014 and the brand works by digitalizing systems and processes of the manufacturing companies over a period of merely six weeks to boost their competitiveness and customer outreach.
“We’ve already got validation of our solution through clients. This fundraise sets us up for our next phase of growth, which is to focus on growing European and Indian markets further, while creating footprints in other geographies. We will also accelerate our product development to cater to the expanding customer base and use cases,” said Harsimrat Bhasin, co-founder, Neewee.
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Neewee is currently based out of Europe and India with plans to expand to North America and Asia Pacific. Its clients include an aviation company, a major Indian watch maker and auto parts suppliers.
“Bodhee is set to advance the manufacturing process by leveraging the strength of artificial intelligence and machine learning. Bodhee helps companies to improve quality, improvise yield and optimize resources across the manufacturing value chain and brings outcomes of analytics close to the shop floor for maximum impact. Appreciation and implementation by one of the largest aviation OEMs has been the greatest validation of the product,” said Prashasta Seth, CEO at IIFL AMC.
IIFL AMC launched a programme called the IIFL India PE Fund in May 2018. The fund helps entrepreneurs at early stages in fields like healthcare, technology, financial services and consumer. This is the third investment from this fund.