Mu Sigma

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Mu Sigma Inc.
Indian Privately Owned
IndustryManagement consulting
FounderDhiraj Rajaram
ServicesData analytics
Number of employees
3,500+ (2016)[2]

Mu Sigma is an Indian management consulting firm that primarily offers data analytics services. The firm's name is derived from the statistical terms "Mu (μ)" and "Sigma (σ)" which symbolize the mean and the standard deviation respectively of a probability distribution. Mu Sigma is headquartered in Bengaluru and has a United States branch office in Chicago.


Mu Sigma was founded by Dhiraj Rajaram, a former strategy consultant for the India branches of Booz Allen Hamilton and PricewaterhouseCoopers, in 2004.[1] In 2008, Mu Sigma raised its first institutional investment round of $30 million from FTVentures (now FTV Capital).[3] In April 2011, the company raised an additional $25 million from Sequoia Capital.[4] In December 2011, the company announced a $108 million round of financing from Sequoia and growth equity investor General Atlantic.[5] In February 2013, Mu Sigma received an investment of $45 million from MasterCard, which placed the company over the $1 billion (Rs. 5,400 crore[a]) milestone.[6]

In early 2016, the company was sued by Aon Corp founder Pat Ryan, who discussed that Mu Sigma lowballed its own growth prospects in order to buy back Ryan's stake in the company. Ryan won the court case.[2]

In October 2016 Dhiraj Rajaram took over the role of CEO from his estranged wife, Ambiga Subramanian, who was currently serving as CEO at the time. The couple split in 2016, post which Dhiraj became the CEO.[7][8]


Mu Sigma was ranked #907 on the 2012 Inc. 5000 list of America's fastest-growing private companies. In 2011 the company ranked #386, and in 2010, it ranked #204.[9] Rajaram, the company's founder and chairman, was ranked 37 on the Fortune Magazine 40 under 40 list in 2013.[10] Rajaram won the Ernst & Young Entrepreneur Of The Year India Award 2012 in the services category.[11]


  1. ^ a b "Getting the numbers right". EMERGE Forum. NASSCOM. September 27, 2011. Retrieved Jun 18, 2012.
  2. ^ a b Mehrotra, Kartikay (10 March 2016). "Aon founder Pat Ryan sues Mu Sigma, claims lowball buyout". Chicago Tribune. Retrieved 21 December 2017.
  3. ^ "FTVentures Commits $30 Million to Mu Sigma (press release)". FTVentures. September 24, 2008. Retrieved June 18, 2012.
  4. ^ "The Daily Start-Up: Sequoia Makes "Big Data" Move With Mu Sigma". Venture Capital Dispatch. Wall Street Journal. June 6, 2011. Retrieved June 18, 2012.
  5. ^ "Mu Sigma Lands Big Money for Big Data". The Wall Street Journal. December 29, 2011. Retrieved Nov 23, 2012.
  6. ^ "Mu Sigma attracts a clutch of foreign investors, gets valued at billion, Dhiraj Rajaram is now king of data analysis,data science and predictions by". The Times Of India. February 20, 2013.
  7. ^
  8. ^ "Mu Sigma's Ex-CEO Ambiga Subramanian To Roll Out Her Own Social Media Startup Hyphen.Social". Inc42 Media. 2017-11-10. Retrieved 2018-06-14.
  9. ^ "Inc. 5000 Profile". Inc. September 2011. Retrieved June 18, 2012.
  10. ^ Roberts, Daniel; Arora, Rupali; Benner, Katie; Bradley, Ryan; Cendrowski, Scott; Dunn, Catherine; Epstein, Eli; Fry, Erika; Gandel, Stephen; Giammona, Craig; Kowitt, Beth; Leahey, Colleen; Lev-Ram, Michal; Mangalindan, Jp; Newmyer, Tory; Sellers, Pattie; Vandermey, Anne; Vella, Matt (September 19, 2013). "40 Under 40 - 37. Dhiraj Rajaram". CNN Money. Retrieved 11 October 2013.
  11. ^ "Presenting the winners of Ernst & Young Entrepreneur Of The Year India Award 2012". Ernst & Young. Feb 21, 2013. Retrieved June 3, 2013.


  1. ^ At time of transaction

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