[Funding alert] Cataloguing startup Text Mercato raises Rs 4.85 Cr led by 1Crowd
Bengaluru-based digital cataloguing startup, that serves ecommerce platforms, has raised Rs 4.85 crore in a pre series round of funding from a clutch of investors.
While the funding is led by Betatron Venture Group, and angel investors Andrew Dell — former head HSBC Africa, and Raaj Shah, CFO of Sequent Software, the startup said in a note., others who have participated include Hong Kong-based startup accelerator
Text Mercato was founded by Kiran Ramakrishna and Subhajit Mukherjee in 2015, and serves the content needs of digital companies.
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Set up in 2015, 1Crowd is an early-stage venture investment fund and a platform that provides an institutionalised approach to investing in startups. It has invested over Rs 100 crore in 31 startups across sectors, ranging from enterprise tech and deep tech to B2C startups.
Text Mercato aims to disrupt the multi-department and multi-role problem of listing and marketing a product into one single seamless process by focusing on end-to-end stacks, single sign-ons, central management, and scale across languages.
"The absolute base on which any digital selling happens is the catalog of a product, and this also plays an important role in discoverability and customer experience. We started challenging ourselves to take products online with better quality, and at a scale the market hadn’t seen. Soon, we were the go-to catalogers for some leading Indian marketplaces. Today, we are asking ourselves, why can’t a catalog be virtually ready even before the product is up for selling?! At Text Mercato, we are trying to solve it using technology which is at the core of our business and operating models", says Subhajit.
Text Mercato currently serves over 100 clients, including several leading online retail and ecommerce players like Myntra, and the Dubai-based The Luxury Closet, among other clients spanning fashion, electronics, FMCG, hospitality etc.
Domestic customers account for 75 percent of its revenue, and the rest comes from international clients.
(Disclaimer: Additional background information has been added to this PTI copy for context)