Clarisights, an SaaS marketing intelligence startup that offers reporting solutions has raised $14 Mn in a seed round led by Sequoia Capital India. Other participants in the round include OMERS Ventures and angel investors like Guillaume Cabane, Zach Coelius, Max Altschuler, Connor Murphy, Jens Lapinski.
The Clarisights platform lets companies connect marketing data to sales data that makes it easier for them to measure the performance of marketing strategies and attribute sales.
The Bengaluru and Palo Alto based startup founded in 2018 by Ankur Gupta and Arun Srinivasan. It describes its product as a data ingestion and analytics platform that enables marketers to visualise and derive insights from.
The platform has an in-browser interface that allows marketers to add sources like website analytics and digital advertising data. The backend then does necessary transformations, allowing the marketer to access the data and build interactive visualisations and dashboards.
The use of business intelligence tools help marketers get an in-depth understanding of the customers’ desires, attitudes and consumer behaviour. These insights can then be used to design products and services, devise marketing strategies and alter the target market for the best return on investment.
Clarisights clients include Livspace, an Indian interior design marketplace and HelloFresh, a German publicly traded meal kit company and Universal Music Group among others.
The startup currently employs 20 and is planning to use the fresh funds raised to build early go-to-market and customer success teams.
The global business intelligence market is expected to reach $30.9 Bn in 2022, growing at a compound annual growth rate of 12.6%. A key driver in the market share expansion will be affordable business intelligence platforms targeted at startups and SMEs.
The industry is further forecast to grow to $34.5 Bn by 2027, growing at a CAGR of 6.4% between now and then.
According to Inc42 Plus, the total gross value added of the Indian SMB sector is estimated to be worth $872 Bn. These SMBs have a higher potential for adopting business analytics tools as these could be aligned with digital tools used for payments, accounts, sales tracking and more.
The startup operates in the same space as Nielsen’s Visual IQ and Neustar’s customer analytics, but mainly targets startups and SMEs who would find its advertised flexibility useful.