Gurgaon-based SilverPush raises $1.25M funding for global expansion
SilverPush, a Gurgaon-based technology enabled marketing platform has raised USD 1.25 (Rs.8.2 crore) million in pre-series A round from Japan based fund, M&S Partners and existing investors IDG Ventures and 500 Startups. The total amount of fund raised by the startup till date is USD 2.5 million (Rs 16.4 cr).
In April 2014, SilverPush had raised $1.5 (Rs 9 crores) million from Unilazer Ventures and IDG Ventures India. And before that, GSF Accelerator had invested Rs.15 lakhs in SilverPush as an angel fund.
The fresh round of funds will be utilised to launch PRISM, the go-to platform for brands to measure their television advertising. PRISM will enable TV marketers to measure the efficiency of TV campaigns in real time by using alternative methods such as Google searches, number of tweets, app installs and website visitors.
Hitesh Chawla, CEO, SilverPush says, “We will also use the funds for global expansion. Currently, we have expanded to Philippines only and soon we will escalate our footprint to Indonesia, Australia and Singapore.”
He adds, “The future currency for cross-screen TV will be a hybrid of the digital metrics prevalent across the web, which measures every action, such as Google searches, number of tweets, YouTube views, website traffic, app installs, and the panel-based gross ratings points (GRPs) from the traditional TV world.”
Founded in the year 2013, Gurgaon based SilverPush is a technology enabled marketing platform for brands to understand and connect with their customers. Currently, the startup is working with around 150 brands which includes HUL, AskMeBazaar.com, Phillips, Google and Nestle. According to Hitesh, each brand spends almost Rs 20 lakhs on TV campaigns.
Hiro Mashita, Founder and Director, M&S Partners says, “TV channels will especially be bullish with cross media integration to justify the marketing investment on TV these days. The Indian TV ad industry is a Rs 500 Billion market and it will cross Rs 900 Billion by 2019. We are proud to back SilverPush to drive the advertising change in India and globally.”
At present, SilverPush is growing at a rate of 50 per cent quarter on quarter. In the last fiscal year, the startup had earned a revenue of USD 1.25 million. And for 2015-16, it is expected to touch USD five million.