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Bangalore-based Cataloging and Content Technology company Text Mercato raises Pre-Series A funding from ah! Ventures Angel Platform and others |
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| Bangalore-based Cataloging and Content Technology company Text Mercato raises Pre-Series A funding from ah! Ventures Angel Platform and others including 1Crowd, Mount Judi Ventures, US based Innospark Ventures, Modulor Capital, Tremis Capital, Neev Angels and other well-known angels. Current round of USD 2.6 MN is led by 1Crowd, Mount Judi Ventures and US based Innospark Ventures. The company had previously raised over US $1M bringing the total raise to US $4M as of date. ah! Ventures’ has done 133 investments in 98 startups till date taking its total investment portfolio to INR 282 CR (~37 MN USD) with 14 exits and 28 follow on rounds. 33 investments have happened through all three platforms in 2022 till date. |
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| Founded by Kiran Ramakrishna and Subhajit Mukherjee, Text Mercato powers cataloging automation (product listing automation), through its flagship product Cataloging.ai, via a suite of Machine Learning products addressing data sourcing and management, photo sourcing and automation, text recognition, text generation, and translation (in its Beta phase) at scale for online marketplaces, brands, and sellers. |
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| “While companies tend to build their products around a singular issue such as the image, text, translation, or other solutions, the focus of our product is to do this end-to-end, sans four-five vendors. Our solution provides seamless integration, speed, quality, and cost efficiency for our clients,” says Kiran Ramakrishna, Founder Text Mercato. |
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| The company now processes over 12 million SKUs every year, emphasising revenue growth and customer acquisition and integration. Text Mercato's flagship product Cataloging.ai has grown 3X the revenue run rate of last year, and this revenue is expected to quadruple in the current financial year. |
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| "The bulk of our capital will be used to improve the technology in terms of accuracy, automation capabilities, and category coverage. The team will also use the funds to release a DIY (Do-it-Yourself) platform named Rubick.ai, that will support end-to-end cataloging for small and medium brands," stated Subhajit Mukherjee, Founder, Text Mercato. |
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| The company's other focus is to expand its footprint in international markets and strengthen India's position. About 16% of the company's profits come from global markets, including the US, UAE, and France, and this market share is slated to jump to a whopping 30% in FY22-23. |
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| The technology startup has over 100 full-time employees, including cataloging and category experts, product and technology teams, and an operations team. They are currently serving over 60 large brands, including five international ones. Some of their clients include Myntra, Nykaa, Webedia France, and Live Auctioneers US. |
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| The founders Kiran & Subhajit further added that, "We are also very happy to provide an exit to our earlier angels whose value soared to 12.3X their investment during this round. We thank our investors for their faith in the future growth of this company by facilitating secondary share purchases." |
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| "As e commerce grows, need for sellers to have a streamlined process for creating online presence with high quality also grows. Publishing online
catalogues is a time consuming and manual process for even the bigger ecommerce platforms such as Amazon, Myntra and sellers such as
Decathlon and Ajio. Cataloging.ai helps businesses in automating the process and creating catalogues faster with higher accuracy. They have found a product
market fit with marquee customers such as Amazon, Flipkart, Nykaa, Amazon (UAE), PharmEasy, Ajio etc. and had revenue growth in Covid
lockdowns as well. The business is ready for international markets; and is run by very strong and hard working founders.", said Arvind Sharda, Deal Lead - Text Mercato and Venture Partner at ah! Ventures |
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| Contact: Abhijeet Kumar, abhijeet@ahventures.in
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| ah! Ventures is one of the world's largest fundraising platform for early stage startups raising up to 10 MN USD. ah! Ventures has three platforms: First Gear, which helps startups raise upto INR 1 CR (~USD 150K), Angel Platform, which helps startups raise upto 1 MN USD and High Tables Platform, which helps startups raise 1-10 MN USD. Today ah! First Gear, Angel and High Tables platforms have over 70000+ entreprenurs, 2000+ seed/angel investors and over 1000 VCs & institutional investors registered with it. ah! First Gear, Angel and High Tables platforms till date have invested INR 282 CR (~37 MN USD) in 98 startups & 133 investments and have announced 14 exits & 28 follow on rounds. |
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| Contact: Abhijeet Kumar, abhijeet@ahventures.in
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