Marketing tech firm Hypergro.ai raises ₹7 cr in seed round
The round was led by Silverneedle Ventures and saw participation from Huddle, TDV Partners, HME Ventures, Dholakia Ventures, FiiRE, and angel investors like Arjun Vaidya, Ankit Kedia and Rajesh Sawhney
Bengaluru-based martech startup ‘Hypergro’, has raised ₹7 crore or under $1 million in a seed funding round. The company works in the domain of boosting brand revenues and reducing customer acquisition costs. The round was led by Silverneedle Ventures and saw participation from Huddle, TDV Partners, HME Ventures, Dholakia Ventures, FiiRE, and angel investors like Arjun Vaidya, Ankit Kedia and Rajesh Sawhney.
Customer acquisition costs are eating up large parts of budgets without delivering expected returns, the company said. It said that the problem is compounded by poor return on ad spends (ROAS). Even with big investments made in various ads, it said it is a combination of challenges that has brands stuck in a cycle of high spending with low results, making steady growth hard to achieve, which it is trying to solve for.
Prashant Panday, partner at Silverneedle Ventures said, “This attacks the biggest challenge facing consumer marketing companies of rising customer acquisition costs. We believe strongly in the power of technology in general and AI in particular. We are proud to lead this round and repose confidence in the dynamic founders of the company.“
The startup was founded in 2022 by Rituraj Biswas, as its CEO, Neha Soman, who heads business, Abhijeet Kumar and Arijit Mukhopadhyay. Biswas heads the product function.
“Our mission is to make this groundbreaking shift both transformational and available to everyone,” said Biswas. He said that with businesses steadily gravitating online, they are poised to cater to a booming market, predicted to reach $3.1 billion by 2024 in India alone.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
First Published:21 Aug 2023, 12:13 PM IST
- Top Gainers
- Top Losers
- 52 Week High