As part of the round, Text Mercato’s early investors have also exited the startup with 12.3X return on investment
The funds will be used to expand Text Mercato’s footprint in the international market; it will further be used to strengthen its position in the Indian market
Text Mercato aims to grow its revenue by 4X and increase its share in the international market by 30% in the ongoing fiscal
Content technology and cataloguing platform Text Mercato has raised $2.6 Mn in its pre-Series A funding round, which was an equity round.
The round was led by 1Crowd, Mount Judi Ventures and Innospark Ventures. It also saw participation from Modulor Capital, Tremis Capital and ah! Ventures.
As part of the round, Text Mercato’s early investors exited the startup with 12.3X return on investment (ROI).
The funds will be used to expand Text Mercato’s footprint in the international market. It will further be used to strengthen its position in the Indian market.
Besides, Text Mercato will deploy funds in strengthening its tech infrastructure, adding new categories and launch its DIY (Do-it-Yourself) platform named Rubick.ai.
Text Mercato has raised over $4 Mn of investments to date, it said in a statement.
Founded in 2015 by Kiran Ramakrishna and Subhajit Mukherjee, the Bengaluru-based startup offers content marketing solutions to customers. Its platform has a host of content writers, whose services can be availed by organisations. Besides, it also offers cataloguing automation services to the organisations.
Text Mercato employs a 17-point quality check, including plagiarism and duplication check, on the content pieces before delivering them to customers, as per its website.
Text Mercato’s new platform Rubick.ai aims to provide end-to-end cataloguing to small and medium brands.
Text Mercato generates over 1 Mn content pieces every month. Its revenue has increased 3X in the previous fiscal year.
Text Mercato aims to grow its revenue by 4X and increase its share in the international market by 30% in the financial year 2022-23. It claims to garner 16% of its revenue from global markets including the US, UAE, and France.
Text Mercato counts Myntra, Nykaa, Webedia France, The Luxury Closet UAE, and Live Auctioneers US as its customers.
In the content marketing space, Text Mercato faces competition from the likes of Textbroker, Problogger and Guru.
According to a report, the global content marketing market is poised to grow to $107 Mn at a CAGR of 14.3% by 2026.
India’s content marketing market will rapidly grow in the coming years owing to the increased demand for content marketing softwares, the report said.