iCreate Software, a Bangalore-based business intelligence (BI) company focused on banking products and solutions,

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has received funding worth Rs 15 crore from IDG Ventures India.

The funds will be used for the company's growth strategy, which includes building a global sales platform, increasing marketing efforts and further investment in product development. “Our target is to clock in revenue of Rs 250 crore by 2014 as well as have 50 strategic clients on our account,” Vivek Subramanyam, CEO of iCreate Software, said.

“BI is a fairly recession proof sector and we intend to become the market leader,” said Anup Pai, COO of iCreate. The global market size for BI is $20 billion. He added that the firm is currently focused on the emerging markets with clients in Africa, the West Asia, APAC and Europe regions.

TC Meenakshisundaram, MD at IDG Ventures India, said, “We are excited about the BI space and believe domain focused BI solutions will emerge as preferred solutions.” IDG India is also looking to fund sectors including KPOs, healthcare, mobile VAS players and education.