Wi-Fi analytics start-up i2e1 plans to use the funding from Omidyar Network, 3one4 Capital to scale its existing operations and launch a mobile app
Mumbai: Delhi-based i2e1 (Information to Every One), a Wi-Fi analytics start-up, on Wednesday said it has raised $3 million in Series A funding led by impact investment firm Omidyar Network.
Auxano Ventures and early stage venture capital firm 3one4 Capital, backed by Mohandas Pai along with some of the organization’s existing investors also participated in the round, the company said in a statement.
“Using data collected from user sign-ins at brick and mortar establishments, i2e1 creates an analytics intelligence suite similar to Google Analytics, tailored for offline businesses. This strengthens defensibility for offline retailers in comparison to their online counterparts who collate real-time intelligence on their users," the statement said. i2e1 services 3,000 plus locations across 75 plus cities in the country.
The company plans to use the funds to scale its existing operations and launch a mobile application. It aims to reach 10 million users across India in the next few years, the statement said.
“At i2e1, our goal has always been to build a connected ecosystem where information is available to everyone at the right time and place. Retailers in India are slowly realizing that Wi-Fi as a service not only increases customer delight, but can also be used to understand customer behaviour patterns when utilized effectively," said Satyam Darmora, co-founder, i2e1.
Incubated in IIT Delhi, i2e1 had previously raised $500,000 in seed funding from GrowX ventures and Mohandas Pai in December 2015.
“Given the steep growth in smartphones and soaring data consumption, the government’s push towards Digital India, and favourable regulatory changes, i2e1 has the potential to become the de-facto gateway to the internet for millions, empowering offline retailers with rich user insights and smarter decision making," said Siddharth Nautiyal, investment partner at Omidyar Network.
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