Hevo Data
No-code ELT platform that pipes data from apps into cloud warehouses.
On the record
Checkpoint: Hevo's FY26 India statutory filing, which will show whether the revenue decline continued or reversed
The call
Hevo keeps a real customer base but is shrinking in revenue while better-funded rivals add AI features it hasn't matched yet.
Hevo Data helps companies move data from one place to another without coding. The problem: Fivetran and dbt (now merged), Airbyte, and others do the same thing, have way more money, and are adding AI features that Hevo has not built yet. Airbyte already lets you build data connectors using artificial intelligence, which used to be Hevo's main advantage. Hevo has not raised money since late 2021, its revenue is dropping in India, and its website traffic is flat or declining. The one thing that could change this: if Hevo lands a big new round of funding in the next six to twelve months or discovers a customer segment no one else is serving well, it might survive. Without that, the company could be sold cheaply, absorbed into another company for its team only, or shut down by the time its next financial report comes out in mid-2027.
Why
01
AI pressure: Airbyte's generative AI connector builder. Airbyte ships AI that writes connectors itself; Hevo still sells hand-built ones with no matching AI feature live. Could AI do the core job? Yes, likely.
02
Bigger players: Fivetran plus dbt Labs (merged June 2026, ~$600M combined ARR). A merged Fivetran and dbt now sell ingestion and transformation together in the same deals Hevo used to win alone. Could a giant copy it? Yes, easily.
03
What protects it. Existing customers already have live pipelines wired into their warehouses, and ripping those out is slow and risky.
What would change this call
Hevo announces a new priced funding round in the next 6-12 months. Would show investors still back Hevo despite the 2021 funding drought.
Hevo's India entity files FY26 statutory accounts (likely mid-2027). A further revenue drop would confirm the FY25 decline is a trend, not a blip.
Hevo ships a generative-AI connector builder or agent layer matching Airbyte's Sept 2024 feature. Would show Hevo can match rivals' AI capability instead of falling further behind.
Hevo's India entity files FY26 statutory accounts (likely mid-2027). A further revenue drop would confirm the FY25 decline is a trend, not a blip.
Hevo ships a generative-AI connector builder or agent layer matching Airbyte's Sept 2024 feature. Would show Hevo can match rivals' AI capability instead of falling further behind.
Key numbers
- India revenue fell 17.5% YoY to ~$9.5M in FY25
- Over 2,000 customers across 40+ countries
- No priced round since $30M Series B in Dec 2021
Named risks
- No priced funding round since December 2021, over four years without disclosed new capital.
- India entity revenue declined 17.5% YoY in FY25 versus FY24.
- Core no-code connector workflow being commoditized by rivals' generative-AI features.
- Cloud-only SaaS with no self-hosted option limits regulated/data-residency customers.
- Headcount and web traffic both declining or stagnant through mid-2026.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Fivetran (merged with dbt Labs) | losing to | Merger closed 2026-06-01 created ~$600M ARR combined rival dwarfing Hevo's scale |
| Airbyte | losing to | Shipped generative-AI connector builder Sept 2024, holds $1.5B valuation since Dec 2021 |
| Estuary, Matillion | losing to | 2026 reviews report customers switching away from Hevo as they scale (2026-06-12) |
| Snowflake, Databricks native ingestion | contesting | Warehouse-native ingestion features compete directly with Hevo's ELT layer as of 2026 |
Questions people ask
- What is Hevo Data's biggest risk?
- The biggest risk is being squeezed between larger rivals and AI-written pipelines while its own revenue shrinks. Fivetran's merger with dbt Labs (expected June 2026) bundles ingestion and transformation into one platform aimed at the same mid-market ELT customers, and Airbyte is also pulling customers away with AI-assisted connector tools, as Hevo's FY25 revenue fell 17.5%.
- Is Hevo Data in financial trouble?
- There are warning signs. FY25 revenue dropped to $9.7M (Rs 80.5 crore) from Rs 97.6 crore in FY24, a 17.5% year-over-year decline as of the 2026-05-26 filing, and the company has not closed a new priced funding round since its $30M Series B in December 2021. Whether the FY26 statutory filing, expected by mid-2027, shows a second straight year of decline is a key thing to watch.
- Who are Hevo Data's biggest competitors?
- Hevo's direct rivals in the mid-market ELT space include Fivetran (now merging with dbt Labs), Airbyte, Stitch, and Matillion, all named as actively contesting or gaining share in the same workflow. Among its 12-company A3 cohort as of July 2026, Hevo sits last.
- Is Hevo Data at risk from AI?
- Yes, AI coding agents like Cursor and Claude Code that write and maintain custom pipelines are a building threat, since they undercut Hevo's core 'no-code saves engineering time' sales pitch. As of the July 2026 assessment, Hevo shows few structural defenses against this shift beyond its existing customer relationships.
- Does Hevo Data have any competitive advantage?
- Its main protection is an installed base of roughly 2,000 to 2,500 customer teams whose pipelines are already wired into their warehouses, which creates switching cost and risk to rip out. Beyond that, the July 2026 assessment found little structural strength: no strong technical or contractual lock-in is evident from the available data.
- What should I watch to see if Hevo Data is turning things around?
- Two dated checkpoints matter: whether Hevo announces a new priced institutional funding round by January 2027, since its last was a $30M Series B in December 2021, and whether its FY26 statutory revenue filing, expected by mid-2027, shows a second consecutive year of year-over-year decline after FY25's 17.5% drop. Headcount has stayed roughly flat near 236 as of 2026-06-19, suggesting no major expansion or contraction yet.
Timeline
- 2026-07-06Hevo publishes analysis of Fivetran-dbt merger's impact on the data stack market
- 2026-06-19Crustdata reports Hevo headcount at 236, web traffic down 31% quarter over quarter
- 2026-06-01Fivetran and dbt Labs merger closes, forming combined entity near $600M ARR
- 2026-05-26Inc42 reports Hevo India entity FY25 revenue down 17.5% YoY to ₹80.5 Cr
- 2026-03-05Hevo launches 'Next Chapter' architecture overhaul claiming 20-40x faster replication
- 2025-09-30Snowflake names Hevo a 'One to Watch' in Data Integration category
- 2024-10-22Hevo Data becomes available on Google Cloud Marketplace
- 2024-09Airbyte ships generative-AI connector builder in its 1.0 release
- 2021-12Hevo closes $30M Series B led by Peak XV Partners (Sequoia)
Head to head
Revision history
30 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- What is Hevo Data? (2026-02-25)
- Hevo Data - Headcount, Funding & Open Jobs (2026-06-19)
- Hevo Data Funding 2026, Total Funding, Rounds & Investors (2026-05-26)
- Hevo Data, Funding, Revenue & Investors (2026) (2026-05-26)
- The Next Chapter of Hevo (2026-03-05)
- Real-Time, Unified Data for AI and ML Workloads, Hevo
- Hevo Data Revenue, Funding & Growth History (2024) (2024-12-18)
- Hevo Data Now Available on Google Cloud Marketplace (2024-10-22)
- Hevo Data Recognized as 'One to Watch'... (2025-09-30)
- Airbyte
- Fivetran and dbt Merger: What It Means for Your Data Stack in 2026 (2026-07-06)
- 11 Best Hevo Data Alternatives for 2026 (2026-05-22)