Betaout Inc., a customer intelligence and marketing automation platform for E-commerce companies has closed a $1.5M Pre Series A round of funding, and is looking to expand further in Indian and other Asian markets.
This is the second successful round of funding for Betaout, in a span of eight odd months. In the first successful seed funding round, the company had secured a total of $500k from a distinguished set of Indian entrepreneurs, including the likes Kunal Bahl of Snapdeal, Vijay Shekhar Sharma of Paytm, to name a few.
Betaout has now raised a sum total of $2 million and the Series A funding comes from an esteemed group of investors including Beenext, Stanford Angels, Letsventure, Chennai Angels, Hyderabad Angels, and Mumbai Angels. Sam Yatra, the CEO of Match also participated in the funding round through Corazon Capital.
Betaout, founded in October 2014 is a SaaS tool, that helps e-commerce companies realize the importance of real-time customer data, segmentation of marketing rules and helps in personalized marketing to customers using in-web, e-mail, in-app, and re-targeting.
The $1.5M will be deployed to hire professionals across Technology, Marketing, and Account Management. The company will also focus on developing its mobile application to keep track of stats on-the-go, and other features on its platform such as machine learning, conversation-commerce, etc.
On the successful round of funding, Ankit Maheshwari, CEO and Co-founder, added that,
This round of funding, by respected and reputed names in the investor community has energized us to pursue our business objectives with focus and alacrity. This would be an absolute necessity given the pace at which the E-commerce and B2C market, which we serve, is growing in India. Our plans for 2016 include growing our existing customer base in the Indian market and expanding to other Asian markets including Indonesia and Malaysia.
Industry experts peg the E-commerce opportunity in India at $25 Billion, which will further grow four-fold in the coming five to seven years, and Customer retention and personalisation capabilities are going to be key in differentiating the front-runners from the rest. With the India’s fastest expanding E-commerce players Snapdeal and Paytm already using the platform to target and provide a better and personalized shopping experience to it’s customers, Flipkart and Amazon should also jump the gun provide an enhanced experience to avoid down-grading of it’s valuation in the coming years.
Teruhide Sato Founder and Managing Partner at BEENEXT also expressed his gratitute over the excellent product that Betaout is,
Betaout’s product gets to the heart of all E-commerce marketers’ goal, which is to help them have an understanding of the customer that the product or service speaks for itself. Betaout through a single tool is helping its customers achieve the same and we are enthused to be part of their journey.
What would be important to see is how Betaout will compete and survive among it’s competitors like, AgilOne and SugarCRM?
Betaout’s goal is to establish itself as a market leader by creating what Maheshwari describes as an “operating system for marketers.”, which will include a hoard of marketing tools embedded in it to help the marketers analyze everything in one application.