The funding round was also backed by existing investor IDG Ventures, which previously put INR150m into the business in 2010.
iCreate said it planned to use the funding to expand its product portfolio and push into the US, UK and Western European markets.
Sequoia India managing director Shailendra Singh said, “iCreate has been delivering compelling value to the global banking sector with their banking business intelligence and analytics products.
“In a very short period of time, they have built up an admirable roster of clients by delivering vital, actionable business intelligence to banks.”
Frequent venture partners Accel and Sequoia Capital made their largest ever co-investment through a $70m funding deal for research company Qualtrics in May.
The cash will be supplemented by the pair offering their services to the company, which said it plans to expand its software services beyond market research and accelerate its global growth.
It was the first time the company, which claims to have been profitable since it was founded in 2002, had accepted outside funding.
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