Active Stocks

Fri Sep 22 2023 15:58:38

Tata Steel share price
126.7 -0.86%

HDFC Bank share price
1,529.2 -1.57%

State Bank Of India share price
598.1 1.67%

Power Grid Corporation Of India share price
199.1 -1.34%

Tata Motors share price
621.1 -0.93%

Business News/ Companies / Start-ups/ Marketing tech firm Hypergro.ai raises ₹7 cr in seed round

Back

Marketing tech firm Hypergro.ai raises ₹7 cr in seed round

1 min read 21 Aug 2023, 12:13 PM IST Varuni Khosla

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 (Photo: istock)

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.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

ABOUT THE AUTHOR

Varuni Khosla

Varuni Khosla is a journalist with close to 14 years of experience in writing business news stories for mainstream newspaper companies like Mint and The Economic Times. She reports and writes on luxury and lifestyle brands, hospitality and tourism news, the business of sports, the business of advertising and marketing and alcohol brands.