Delhi-based Wigzo raises $500K pre-Series A funding in a round led by Aarin Capital Partners
Delhi-based enterprise marketing automation suite Wigzo has raised $500,000 (Rs 3 crore) in a pre-Series A round of funding led by Aarin Capital Partners and Mohandas Pai, Chairman of Manipal Global Education, TV. AdvantEdge Partners, Singapore Angel Network, Sachin Bhatia, Kunal Khattar and Akshay Garg amongst others also participated in the round.
The funding raised will be used to expand the company's team and build out its delivery channels, including mobile, email, and web. Currently, Wigzo has over 34 clients, including three from Europe and one from the US. It claims to have had more than $ 250,000 revenue last fiscal (2014-2015).
With this round, Wigzo also plans to improve its algorithms, work on industry-specific requirements in terms of machine-learning communications, deepen its APAC market penetration and provide customised solutions to the content, media, e-commerce and BFSI sectors to scale their SaaS model.
The brainchild of Umair Mohammed, Himanshu Kaushik, Shamail Tayyab, and Vikrant Khushu, Wigzo is an enterprise marketing automation suite built on proprietary machine learning algorithms. The suite allows brands and marketers to personalise any form of communication across multiple channels, including email push, browser push as well as Facebook and Google Ads from a single, infinitely-scalable dashboard.
Umair Mohammed, CEO, Wigzo, said:
Larger organisations have built excellent engagement channels with their subscribers using a data-driven approach. We want to take the same capabilities to all online businesses, irrespective of their size and scale, and allow them to leverage our machine learning capabilities and predictive technology to hyper-personalise for each user.
Prior to closing pre-Series A, Wigzo had earlier raised $100,000 seed round led by Nikunj Jain, Outbox Ventures and Ritesh Malik.
Pranav Pai, investing on behalf of Mohandas Pai, said,
As enterprises and brands compete in the new mobile economy, their ability to engage and retain their customers across multiple channels will help them differentiate their offerings in their respective categories. Re-engaging your customers effectively builds brand recall and loyalty, and multi-channel strategies that utilise real-time analytics will be the most efficient mechanism. We are excited about working with Wigzo because we see tremendous potential for an Indian company to work with brands and drive them to rise above the plateau of standard customer retargeting and engagement strategies.
Globally, marketing automation is a huge opportunity for startups. According to an industry estimate, marketing automation space is a $10.5 billion industry worldwide. Primarily, Wigzo competes with Boomtrain, Kahuna in the US. In APAC region, the company claims it's the only machine learning communications suite.
Disclaimer: TV Mohandas Pai is an investor in YourStory