Maino Bags Funding From India Quotient, Others

SUMMARY

The round also saw participation from angel investors Karan Bedi of MX Player, and Soul Sensei CEO Janhavi Parikh, among others

The company plans to use the fresh funds to build teams in key domains like technology, product development, design and strategy

Digital marketing automation startup Maino.ai has raised seed funding of $1.8 Mn (around INR 15 Cr) led by India Quotient Advisers LLP.

The round also saw participation from angel investors Karan Bedi of MX Player, and Soul Sensei CEO Janhavi Parikh, among others.

The company plans to use the fresh funds to build teams in key domains like technology, product development, design and strategy. Besides, the proceeds will be deployed to expand its footprint in new geographies to reach a broader audience and tap into new markets.

Founded by Abhijeet Kunwar, Rishabh Kumar and Vikas Keshri in 2022, Maino.ai is an AI and ML-driven platform for digital marketing automation and analytics. The Bengaluru-based startup counts MX Player, Zivame, Brij Hotels, BetterWay and Kult among its clients.

Maino.ai claims to offer benefits like 70% faster creative TAT, 85% less manual operations, 38% increase in clickthrough rate (CTR), 3X better return on ad spend (ROAS) and 46% less customer acquisition cost (CAC), among others.

As per its website, the startup integrates with Google Analytics, Google AdSense, Facebook Business Manager, Firebase, AppsFlyer, Singular and others for the offerings.

While startups like Freshworks, Bobble AI, LeadSquared, Zoho and MoEngage compete against Maino.ai in the marketingtech segment, on a global level it competes with the likes of Brand Networks, Spreadfast and Wayin.

“Marketing operations and optimisations even today are heavily reliant on manual processes limiting growth, scalability & leading to a subpar ROI,” said India Quotient’s partner Gagan Goyal.

Amid the increasing adoption of tech automation, enterprises are also looking to leverage new-age marketing and advertisement solutions to get optimum results.

According to Inc42’s Indian Startup Founder Sentiment Survey 2023, 76% of the 400+ Indian startup founders surveyed by Inc42 plan to raise their advertising spending by 20-30% in FY25. Another report estimates that the digital marketing sector is bound to be worth over $500 Bn.

As a result, the investors are furthering their interest in startups in the marketingtech segment.