Fivetran, a global leader in automated data movement with a presence in India, announced raising $125 million in debt financing from Vista Credit Partners, a subsidiary of US-based Vista Equity Partners.
The investment will be used to support Fivetran’s continued innovation and enterprise growth, bolstering its leadership position in the automated data movement market, the company said in a statement.
“In today’s macroeconomic climate, many of the most successful companies are data companies. From making revenue-impacting decisions to driving operational efficiencies, enterprises rely on data to run their business. Data availability across an organisation cannot be something in question. Access must be as simple and as reliable as electricity,” said George Fraser, CEO, Fivetran.
Established in 2012, Fivetran claims that its automated data movement platform helps enterprises connect to all of their data, whether on premises or in the cloud, with 99.9% guaranteed uptime.
“The financing will allow us to accelerate R&D and expand our automated data movement platform as we continue to scale globally.”
With the current round, Fivetran has so far raised a little over $853.1 million in funding so far. It last amassed $565 million in an equity round in September 2021 at a pre-money valuation of $5 billion, according to details available with Crunchbase.
It counts Matrix Partners, ICONIQ Capital, and General Catalyst, among its investors.
In 2017, Fivetran forayed into India, thereby bringing its core engineering team into the country. It wasn’t until January 2021, however, that they officially launched their product in the country.
India is currently home to more than half of the company’s worldwide engineering team. Within 11 months, the company achieved an annual recurring revenue of $1 million and doubled its customer base.
Fivetran provides over 180 automated connectors for data centralisation, notably aiding businesses like Cars24. Fivetran has grown to 100 employees in India, launched dedicated local data centres, and integrated high-volume teplication to serve large enterprises, demonstrating its commitment to the Indian market.