An unexpected management shake up at a promising portfolio company, especially one that is a 'unicorn', would count as among a venture capitalist’s worse nightmares. Yet, a different kind of shakeup appears to be happening at the Indian big data analytics 'unicorn' Mu Sigma, whose husband-and-wife owners have reportedly decided to part ways.
Mu Sigma Chief Executive Ambiga Dhiraj, and founder-chairman Dhiraj Rajaram, regarded as Indian startup community’s power-couple, have confirmed their divorce to the Economic Times, and also said that the split will not affect the company's operations, according to the report.
"It is true that Dhiraj and I have separated. We both continue to stay committed to Mu Sigma. I am the CEO and Dhiraj is the founder. Both of us have important roles to play in the company. Our personal situation will not affect our commitment to the purpose of Mu Sigma," Ambiga Dhiraj toldthe Times of India.
Bangalore-based Mu Sigma, founded in 2013, has over 3,500 employees, with a majority of the staff based in the city. The provider of big data analytics – used to help companies analyse vast amounts of data to unearth useful insights and patterns – is counted among one of India’s few startup unicorns, or companies that are valued at over $1 billion. Mu Sigma is backed by big name private equity investors such as Sequoia Capital, General Atlantic and Fidelity Investments, and has raised over $200 million in investments. According to media reports, the company’s private equity backers also held briefings with the couple to gauge how the split would affect the company. Both own a 47 percent stake each in the company.
While Ambiga’s role has been mainly focused on the company’s India operations, Dhiraj Rajaram has been responsible for driving the company’s business into new markets.
Earlier this year, Ambiga was ranked among India’s most powerful businesswomen by Forbes. She became CEO of Mu Sigma in February, taking over from her husband, who had moved to Chicago to drive the company’s international expansion efforts.
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