E-commerce Marketing Startup RetainIQ Raises $2.3 Mn In Funding
E-commerce marketing startup RetainIQ has raised $2.3 million (Rs 17.2 crore) in a funding round led by venture capital firm Accel Partners.
VC firm Hauz Khas Ventures, London-based private equity firm Creator Collective Capital, Unicommerce founders Ankit Pruthi, Karun Singla, and Vibhu Garg, Upgrad co-founder Mayank Kumar, Ally.io founder Vetri Vellore, Brightchamps founder Ravi Bhushan Kumar, and Gromo founder Ankit Khandelwal, among others, also participated in the funding round.
As per the startup, the raised capital will be used to rapidly scale its operations, accelerate product development, and expand its core teams across engineering, product, sales, marketing and operations.
RetainIQ | Enabling eCommerce Stores & Brands To Convert And Retain Their Customers
Founded by Sitakanta Ray, Arpit Gupta and Sulakshan Kumar in June 2021, RetainIQ enables eCommerce stores & brands globally to convert and retain their customers by leveraging messaging & chat via SMS, Whatsapp, Messenger etc.
Speaking about the development, Arpit Gupta, co-founder of RetainIQ, said,
βThe global retail industry is currently experiencing a generational shift. The future always lay in eCommerce, and the pandemic only accelerated this shift. Shopify has offered online retailers a safe space to grow, and in the process has become a huge entity β worth over $100 billion and harbouring multiple unicorns within its own ecosystem.β
The eCommerce marketing startup enables brands to segment and send personalized messages powered by AI to their customers at scale, thus bringing a paradigm shift in the way brands communicate and sell to their customers by making it more personal and natural.
Commenting on the investment in RetainIQ, Subrata Mitra, Partner at Accel Partners India, said,
“As acquisition costs continue to grow for eCommerce brands, customer retention is coming into prominence. We’re really excited to back RetainIQ to solve the retention challenge that we think can lead to a massive opportunity.β
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