Personalization platform for online businesses, TargetingMantra has raised $1.1 Mn in seed funding led by 500 Startups, Nexus Venture Partners, and One97 Mobility Fund. Angel investors including Rajan Anandan, MD OF Google India, Ankur Warikoo, head of Groupon Asia-Pacific, and Gaurav Agarwal, former MD of Farmville, joined the board as advisors.
The funds raised will be used by TargetingMantra to further develop its offering, create new products, and boost business development and marketing.
TargetingMantra provides a personalization platform for online businesses and helps increase ROI by delivering more relevant customer experience. Its personalization platform tailors the customer’s online experience to his/her unique interests. By doing this, it not only increases customer loyalty, but also boosts sales and conversion rates, aids discovery of tail items, and enables promoting relevant campaigns. It provides features like similar products, personalized recommendations and automated targeting to achieve this.
As per the company, on average, its client companies have seen a 19% increase in revenue, 17% increase in buyer conversion ratio, and 16% increase in order value.
The startup has about 40 client companies so far, currently offers two dozen of their self-described “widgets,” and it integrates its service into any ecommerce site via an API.
It serves several ecommerce companies in the US, Singapore, Southeast Asia, and Brazil, besides India. Going forward it will work on global expansion. “We are growing fast in India, but we realized that we need to expand our team to grow faster internationally. Also, for our products to meet the surge in demand, we decided to go for funding. This seed round will help us grow faster and go farther,” Saurabh Nangia said.
TargetingMantra was founded in 2012 by former Amazon executive Saurabh Nangia and management consultant Rahul Singh.