Fresh Gravity, a startup helping companies in doing intelligent business
Mon Nov 30, 2015
PUNE: After heading Silicon Valley IT services firm Serene Corp for 12 years, its founder Ajit Kumbhare decided to take his expertise further to help Fortune 500 companies become more nimble and adaptive to new technology.
Kumbhare exited Serene - it has since been acquired by AST Corp - in January and set up Fresh Gravity two months later, with operations in Pune and Silicon Valley.
"I founded Fresh Gravity with the idea that bigger corporations have to adopt cutting-edge digital technology fast to enhance their own customer experience and stay ahead," said Kumbhare, an alumnus of IIT-Bombay and IIM-Calcutta. Fresh Gravity works in the areas of digital customer experience, data science, Internet of Things (IoT), machine learning and artificial intelligence, Big Data, and API management.
The startup says its customers include Verizon, 20th Century Fox, Autodesk and Pandora. "These companies are looking at mining data to analyse their customers and market to them more efficiently. Kumbhare expects Fresh Gravity to be a $100 million (Rs 650 crore) company in the next five years.
It is being predicted that by 2020 the number of devices connected to Internet could be anywhere between 30 billion and 50 billion. The global potential market value for IoT would be $11.1 trillion by 2025, as per a report by McKinsey.
"When I started Fresh Gravity, I already had the credibility going from my earlier venture; hence we were in a position to gain customer trust quickly. I made an initial investment of $1 million. We have already achieved break even and are now cash positive," said Kumbhare. "We may go in for institutional funding early next year, if we feel the need for it." The company is targeting $20 million (Rs 130 crore) revenue in 2016. Besides the US, it is exploring Europe and Asia Pacific as potential markets. The company competes with other niche digital technology players such as LumenData and Knowledgent.
Fresh Gravity is also looking at the Indian market closely. "We have based our tech team in Pune due to the availability of tech talent here. While India is slower in adoption of new technology, we are looking at India as an eventual big market," Kumbhare said.