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New Delhi-based NFX Digital, which owns and operates gamified consumer insights portal Adytude.com, has raised $1 Mn (INR 6.6 Cr) in funding from Indian Angel Network (IAN).
IAN member Vikas Kuthiala was the lead investor for the transaction and will be joining the company’s board.
Founded in 2013 by well known ad guru Shivjeet Kullar and Vir Kullar, NFX Digital serves as a direct link between brands & consumers. Its primary product, Adytude.com, is a platform that enables consumers to talk to brands, and provide their feedback in real time. This is done by users who coming to the site, play by responding to ads and earn AdCash, which can then be redeemed for merchandise and gifts.
Shivjeet Kullar, former creative director of Contract Advertising (later acquired by JWT) said, “We call it ‘Backvertising’ or live consumer feedback. Brands are testing consumer behaviour and mobile user behaviour, among others, through us, and we can measure the intensity of the consumer response.”
With this, the brands are able to pull out relevant information from targeted demographics. NFX Digital counts a list of leading brands including Hyundai, ShopClues, J K Lakshmi Cement, Coca-Cola, IFFCO, Okaya, Discovery Network, and more.
With the new round of funding, the startup plans to expand its footprint across the country and plans to kickstart operations in the UK by the end of this year. It will also invest towards marketing and research.
Kullar added, “When we had the idea for this site, the key was whether we could build a relevant community. It wasn’t easy, but now we have thousands of loyal users and the average session time on this site is 14 minutes, which is off the charts – very few sites in India have this level of involvement.”
Prior to this round of funding, NFX Digital had raised about INR 3 Cr from ad filmmakers Prahlad Kakkar and Abhinay Singh Deo, among others.
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