E-commerce marketing startup RetainIQ secures investment of around ₹17.2 crore
E-commerce has emerged as a very popular sector since the advent of internet in the country, in which all the big and small players are now seen placing their bets.
But obviously these e-commerce platforms need a lot of tools and methods, including marketing, to stay in competition in today's competitive era. Due to this, a broad sector has also emerged in the form of marketing today, where many companies are coming up with interesting solutions combining innovation and technology.
And in the same segment, RetainIQ, an e-commerce marketing startup, has secured an investment of $2.3 million (approximately ₹17.2 crore) in its recent funding round.
This investment round for the company was led by Accel Partners, a leading investment firm, which was also attended by Hauz Khas Ventures, London based Creator Collective Capital.
Along with this, Ankit Pruthi – Karun Singla and Vibhu Garg, founders of Unicommerce, Mayank Kumar, co-founders of Upgrade, Vetri Vellore, founder of Ally.io, Ravi Bhushan Kumar, founder of Brightchamps and Ankit Khandelwal, founder of GroMo also participated in this investment. .
Interestingly, RetainIQ was started in June 2021 by Sitakanta Ray, Arpit Gupta and Sulakshan Kumar.
The company will be looking to use this new capital to rapidly scale up its operations, accelerate product development and expand its core teams in engineering, sales, marketing and other departments.
Commenting on the new investment, Arpit Gupta, Co-Founder, RetainIQ said;
“The global retail industry is currently undergoing a major transformation. The coming future is tied to e-commerce itself and the pandemic has accelerated the adoption of this change.”
“We can see how Shopify has offered online retailers a safe place to grow, becoming a company worth over $100 billion today, adding multiple unicorns to its own ecosystem Has happened."
While Subrata Mitra, Partner, Accel Partners India said; “The cost of attracting customers for e-commerce brands is constantly increasing, and so does the challenge of retaining a customer. We are extremely excited to partner with RetainIQ's efforts to solve these challenges.”
