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One of the earliest companies to become a unicorn, Mu Sigma was once the rising star in the Indian startup ecosystem. As data emerged as the new currency for corporates over the last decade, the firm cashed in on it. Right place, at the right time, doing the right job.

Musigma Business Solutions Private Limited

As per the MCA records

Dhiraj Rajaram


Northbrook, Illinois



General Atlantic


Sequoia Capital


Fractal analytics

What has MuSigma been up to, the last year?

Fighting, less with the competitors, more among themselves. For the majority of 2016, the company was trying to contain the family mutiny from spilling over to the business. The 12-year-old company, run by Dhiraj Rajaram and Ambiga Subramanian, also known as Mu Sigma’s power couple, was on the verge of splitting up because of the rift between the two. To make matters worse, amidst the uncertainty over the future ownership and management of the company, rumours about General Atlantic trying to sell its stake in it were making the rounds.

The company formally exchanged hands between Rajaram and Subramanian in October 2016. Chief operating officer Subramanian had replaced founder Rajaram as the chief executive in February 2016. Seven months later, Rajaram bought 25.8% shares held by her. He took over as the CEO, while Subramanian left the company, putting an end to uncertainty and speculations. Despite the domestic and legal problems that ensued the family feud, the company has managed to put out some stellar numbers.


Rs 783.7 crore: Revenue from operations. A 17% jump from FY15, when it earned Rs 669.4 crore.

Rs 25.8 crore: What the company made from investments in mutual funds and other such instruments.

Rs 969.3 crore: The total amount, the company invested in mutual funds in FY16.

Rs 716.3 crore: Its revenues from the US. Up from Rs 611.4 crore over the previous year. 

Rs. 67.3 crore: Its earnings from rest of the world. A little less than one-tenth of its total revenues from operations. It grew almost at the same pace as its revenues from its biggest market, the US.

Rs 1.9 crore: Salary, bonus and PF contribution for the founder Dhiraj Chidambaram Rajaram. Compared with Rs 38.72 lakh he earned in FY15.

Rs 176.19 crore: Is what the company paid in salaries and wages to its employees. Up 14.1% from Rs 154.2 crore in FY15.

Rs 5.7 crore: Is what company is required to spend towards CSR as an average net profit of last three financial years.

In partnership with Tofler

Rs 10 lakh: The company said it would spend on CSR in FY16.

Rs 0: Is what company actually spent on CSR. It said it could not spend the money before FY16 ended as the time was too short to identify suitable projects.

Rs 50.10 crore: What the unicorn paid in taxes to the government.

Rs. 296.4 crore: Total expenses the company had in FY 16. Up 16.6% from a year ago period.

Rs 463 crore: The company’s net profit. Grew 21.8% from Rs 380 crore last year.

6: Is the number of fellow subsidiaries the company has mentioned in documents submitted to Registrar of Companies.

Mu Sigma, Inc.:  The holding company that has 99.99% shares in Musigma Business Solutions Private Limited.


Moulishree Srivastava

Moulishree has over five years of experience in journalism. In her previous assignment, she was a Principal Correspondent for Business Standard where she wrote on technology and telecom. Prior to Business Standard, she was at Mint, where she wrote on various subjects — tourism, hospitality, real estate, science, cyber security and technology. Moulishree graduated as an engineer in Information Technology from Chandigarh Engineering College. She worked as a software engineer briefly but then took a detour and got her journalism degree from IIJNM, Bangalore. She will be based in Bangalore and you can reach her at her [email protected]

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