[Funding alert] SaaS startup ProfitWheel raises $3M from top angel investors in seed round
SaaS startupon Thursday announced that it has recently secured a total capital raise of $3 million in its seed round.
ProfitWheel acquired 50 percent of the total investment amount from Netcore Cloud, a leading acquisition, engagement and retention company, and from ProfitWheel co-founder, Vivek Bhargava. The remaining investment came from over 15 angel investors including Vallabh Bhansali of Enam Group, KRS Jamwal of Tata Group, Dinesh Agarwal from Indiamart, Prashant Gulati - Investor and Trustee, Tie Global Board, Rizwan Koita, Jagdish Mathur of CitiusTech, Jimmy Mahtani from Baring Private Equity Asia, and Harish Bhal and Manish Vij of the Smile Group.
Founded in 2020, ProfitWheel focuses on creating a customer data-led marketing intelligence platform for the new direct-to-consumer world.
With the new investment, the company is poised to fill the need gap created by the latest changes in the adtech ecosystem, the company stated.
Speaking about the platform, Vivek Bhargava, Co-founder, ProfitWheel, said,
“ProfitWheel has been conceptualised as a global SaaS product company with the dream to become a multi-billion dollar enterprise. We aim to deliver more profit to our customers – by providing more intelligence on how to best engage with their existing or new customers. We will continue to disrupt the adtech world by creating products that will delight the ecosystem and change the way that advertising is perceived. We are very fortunate and excited to have such respected industry leaders backing the company on the next phase of our journey.”
Recently, ProfitWheel brought in Nielsen’s Aman Khanna and Gautam Mehra as co-founders.
Aman has been involved in the company’s US operations since its inception. With Gautam on board, the company aims to have an increased focus on driving tech innovations and building new products that will enable true intelligence in the martech ecosystem.
Rajesh Jain, Founder and MD, Netcore Cloud, said,
“I have been associated with Vivek Bhargava for more than a decade and have been deeply involved in ProfitWheel’s journey from its inception. As marketers enter a cookieless era, there is a dire need to look at newer technologies to engage with their customers effectively. ProfitWheel solves these challenges for brands by utilizing first-party data in a privacy-compliant manner. The company is laying the foundation for a future where D2C companies drive exponential forever profitable growth. I am excited by this unique offering and the leadership team’s strengths and happy to support the business.”
Vallabh Bhansali, Chairman, Enam Holdings said,
“I had invested in Vivek Bhargava’s first venture Communicate 2 in 2002. He led his company through the dotcom crash and the global financial crisis with his sheer resilience, resulting in a successful acquisition by Dentsu. Now that he is building a SaaS enterprise with global market potential as ProfitWheel, I am delighted to support him again.”
Dinesh Agarwal, Founder and CEO, Indiamart said, “Entrepreneurship is a continuous journey. After having experienced 20 years of ups and downs, followed by a successful exit, I would like to commend Vivek Bhargava on starting ProfitWheel rather than resting on his laurels! I wish him all the best and I am proud to be associated with ProfitWheel as an early investor.”
Prashant (PK) Gulati, Investor and Trustee, Tie Global Board stated, “Having invested in over 40 companies, I believe it is easier to identify what mindset helps entrepreneurs build scaled global companies. I saw this resilience in Vivek Bhargava during the early days of building Communicate 2. I am confident that Vivek will build ProfitWheel into a robust and successful company that will make us all proud.”