AdUrCup, a BW ACCELERATE Batch 1 startup from Delhi, has raised undisclosed amount in its first round of funding led by the founders of Dineout, Ankit Mehrotra, Sahil Jain, Nikhil Bakshi and Vivek Kapoor who have invested in the startup in their personal capacities.
The raised capital will be used to create a first of-its-kind out of home (OOH) ad network, which aims to reach 25,000+ consumers per day across Delhi NCR and more than 5,000 consumers per day on trains.
Founded inside the IIT, Kanpur campus in January, 2015, AdUrCup is a procurement application for quick service restaurants (QSR). The app enables advertising inventory which in turn helps in converting a cost center for QSR businesses, disposables which accounts from a 5% to 12% of the bill value, into an asset. For advertisers, this works as a mechanics to deliver a hyperlocal personalized advertising campaigns to the customers while they eat their favourite meal.
Globally, total OOH advertising revenue stood at $36.32 Bn in 2014 and is set to grow at a CAGR of 4.6 %. Experts are hoping that it will reach $45.37 Bn by 2019. In India alone, OOH is pegged to be at $37 Mn (INR 25Bn). However, it still remains a deeply unregulated and fragmented industry.
AdUrCup has already acquired over 200+ QSR’s, large food delivery players and travel food service providers. Currently, they’re working to scale the business model to other cities. “We are geared to expand our operations and acquisition across two of the major cities, Mumbai, Bangalore, and Ahmedabad across the next 2 months. These are exciting markets with a very strong trend of eating out” said Kushang and Abhishek, Co-founders, AdUrCup.
On the advertising front, the company has already acquired some of the major brands and is now in the process of helping them design incisive solutions.