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- Mu Sigma
Mu Sigma Revenue, Valuation, Funding & Investors
Mu Sigma is valued at $1.5B as of February 2013, a 7.5x multiple on its last reported $200M revenue.
Last Mu Sigma valuation
$1.5B
Undisclosed stage · Feb 2013
Last Mu Sigma funding round
$2M
Seed · May 2024
Mu Sigma revenue
$200M
Undisclosed stage · Feb 2013
Key investors in Mu Sigma
Fidelity
Mastercard
About Mu Sigma
Mu Sigma is a Bengaluru-headquartered data analytics provider serving Fortune 500 clients across airlines, pharmaceuticals, banking, consumer goods, retail, technology, and telecom sectors. The firm delivers marketing analytics including segmentation, RFM analysis, churn modeling, and mix optimization; risk analytics such as credit scoring, fraud detection, and loss ratio analysis; and supply chain analytics encompassing demand forecasting, inventory management, and logistics optimization. Founded in 2004, Mu Sigma maintains operations in India with a global client base.
Founded
2004
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Revenue
$200M (Feb 2013)
Valuation
$1.5B (Feb 2013)
Mu Sigma Valuation
Mu Sigma is currently valued at $1.5B, based on its undisclosed-stage round in February 2013.
The $45M round was led by Mastercard, with participation from Fidelity.
Mu Sigma valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2013 | Undisclosed stage | $1.5B | 7.5x |
Mu Sigma Revenue
Mu Sigma's latest recorded revenue is $200M, as of its undisclosed-stage round in February 2013. At a $1.5B valuation, that implies a 7.5x revenue multiple.
Mu Sigma revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2013 | $200M | $1.5B | 7.5x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Mu Sigma Funding History
Mu Sigma has raised a total of $47M across 2 funding rounds.
Mu Sigma's first fundraising round was a $45M undisclosed-stage round in February 2013. The most recent completed round was a $2M seed round in May 2024.
Mu Sigma funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2024 | Seed | - | $2M | - | Mu Sigma raised $2.01M in an unattributed or Series C funding round on May 6, 2024, from undisclosed investors. The funding aims to drive innovation in decision sciences, enhance analytics capabilities, and support enterprise clients. Mu Sigma operates as a pure-play decision sciences firm, serving over 140 Fortune 500 companies with data-driven insights across sales, marketing, finance, operations, and supply chain. The company employs over 3,800 decision scientists and integrates AI, machine learning, and computer vision into its ecosystem of products and services. |
| Feb 2013 | Undisclosed stage | Mastercard (lead); Fidelity | $45M | $1.5B | Mu Sigma is a data analytics company founded by Dhiraj Rajaram, specializing in decision sciences, big data analysis, and predictive modeling, with operations in Bangalore and Chicago. It provides IP-driven products combining business intelligence, econometrics, and analytics to help businesses predict consumer behavior and define strategies, positioning itself as a holistic solution in an interdisciplinary approach to complex data problems. The company partnered with MasterCard Advisors following the investment to co-develop such products. In February 2013, Mu Sigma raised $45 million in a funding round led by MasterCard, with Fidelity Investments, valuing the company at $1.5 billion post-money, as the investors acquired a 3% stake. This strategic deal combined capital with strategic access, ceding less than 5% equity overall, and marked Mu Sigma reaching unicorn status within eight years of founding. Prior rounds included a $108 million Series C in 2011 from General Atlantic and others, bringing total funding to nearly $200 million across multiple investors like Sequoia Capital. Around the 2013 round, Mu Sigma targeted $200 million in revenue for that year, according to industry estimates, amid rapid growth as data volumes doubled every 18 months. The company had scratched the surface of its potential, with investors like Sequoia highlighting its differentiator in bundling analytics services. Post-round, Mu Sigma's valuation was referenced consistently at $1.5 billion in subsequent reports, though later discussions like with TPG in later years valued it lower around $1.2 billion amid internal challenges. Founder Dhiraj Rajaram held about 50% stake, becoming one of India's wealthiest entrepreneurs, with backing from key investors continuing. |
Who has invested in Mu Sigma?
2 investors have backed Mu Sigma across its funding rounds, including Fidelity and Mastercard.
Lead investors include Mastercard.
Mu Sigma Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions by Mu Sigma
Mu Sigma has acquired 1 company to date.
Last acquisition by Mu Sigma was on July 1st 2014. Mu Sigma acquired Webfluenz for undisclosed valuation.
Latest Acquisitions by Mu Sigma
| Description | Webfluenz is a Montreal-based provider of real-time social media analytics software. The platform tracks brand mentions, sentiment, and engagement across Twitter, Facebook, Instagram, and LinkedIn. It delivers customizable dashboards for crisis monitoring and influencer identification in industries like consumer goods and media. Launched in 2012, Webfluenz serves clients including Air Canada and Desjardins Group, processing millions of daily conversations with natural language processing algorithms. |
| HQ Country | |
| HQ City | Singapore |
| Deal Date | 1 Jul 2014 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Mu Sigma acquisitions and their M&A valuation multiples. Start Free Trial | |
Mu Sigma Competitors
Mu Sigma competitors include listed companies like Ipsos, Clarivate, GlobalData and Enento Group, and private ones like Sutherland and Alida.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.9B | $429M | $1.7B | 0.7x | ||
| Publicly listed | $2.5B | $829M | $1.2B | 2.2x | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $433M | $140M | $506M | 1.7x | ||
| Publicly listed | $176M | $50M | $423M | 3.2x | ||
| Private | - | - | $1.5B | - |
Mu Sigma Public Comps
Mu Sigma is still privately-owned, but its public comps include ICF International, SMS, Everforth, Ipsos, Clarivate, MLP, Charles River Associates, MBB, TIC Solutions and OceanPact.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.9B | $201M | 1.1x | 1.1x | 10.5x | 10.0x | |||
| $416M | ($63M) | 3.3x | 3.2x | (21.9x) | 19.9x | |||
| $4B | $344M | 0.7x | 0.7x | 7.7x | 6.7x | |||
| $2.9B | $429M | 0.7x | 0.7x | 4.8x | 4.5x | |||
| $2.5B | $829M | 2.1x | 2.2x | 6.3x | 5.3x | |||
| $1.2B | $136M | 3.9x | 3.7x | 34.9x | 29.6x | |||
| $752M | $111M | 1.8x | 1.7x | 11.9x | 13.4x | |||
| $1.3B | $239M | 0.5x | 0.5x | 3.0x | 2.7x | |||
This data is available for Pro users. Sign up to see all Mu Sigma competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Mu Sigma
| When was Mu Sigma founded? | Mu Sigma was founded in 2004. |
| Where is Mu Sigma headquartered? | Mu Sigma is headquartered in Bangalore, India. |
| Is Mu Sigma publicly listed? | No, Mu Sigma is a private, VC-backed company. |
| What is Mu Sigma's valuation? | Mu Sigma was last valued at $1.5B in its undisclosed-stage round in February 2013. |
| How much funding has Mu Sigma raised? | Mu Sigma has raised $47M across 2 funding rounds. |
| What was Mu Sigma's last funding round? | Mu Sigma's last funding round was a $2M seed round in May 2024. |
| Who are Mu Sigma's investors? | Mu Sigma's investors include Fidelity and Mastercard. |
| What is Mu Sigma's revenue? | Mu Sigma's latest recorded revenue is $200M (February 2013). |
| What is Mu Sigma's revenue multiple? | Mu Sigma's latest valuation implies a 7.5x revenue multiple ($1.5B valuation on $200M of revenue). |
| Which companies are comparable to Mu Sigma? | Companies comparable to Mu Sigma include Ipsos, Clarivate, Sutherland, GlobalData, Enento Group and Alida. |
| How many companies has Mu Sigma acquired? | Mu Sigma has acquired 1 company, including Webfluenz. |
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