Bangalore: A little-known analytics company has snagged $108 million (Rs 580 crore) in funding from two of private equity's most venerable names, marking itself out as India's newest rising star in the business of outsourcing.

Mu Sigma's deal with General Atlantic and Sequoia Capital is among the biggest for any analytics company globally and is seen as an endorsement of founder Dhiraj Rajaram's dogged determination to build a large analytics firm that can rival the likes of Infosys for size.

Although none of those involved in the transaction would comment on the valuation, others who are part of the industry estimate it at around $500 million. Mu Sigma, which was founded in 2005 and named after Greek symbols used as mathematical notations, expects turnover next year to exceed $100 million.

In comparison, Infosys took 18 years to reach the milestone after its founding in 1981. Apple, Google and Yahoo! are among the companies picked by the former while Facebook and New York Mercantile Exchange count among the latter's star performers. The latest investment is the fourth round of fund-raising for Mu Sigma, which provides business intelligence, econometric tools and predictive modelling services to help clients such as Microsoft and Dell make major business decisions ranging from new product launches to decoding customer reaction.

It employs 1,500 staff in Bangalore, Chicago (where it is based) and a few other cities in the United States. Sequoia, which took part in the third round earlier this year investing $25 million, has put in around $15 million this time with the rest from General Atlantic.