Retainiq India Pvt Ltd, which runs e-commerce marketing startup RetainIQ, on Monday said it has bagged seed funding of $2.3 million (around Rs 17.2 crore) led by venture capital firm Accel Partners.
The round also saw participation from a host of marquee investors including Hauz Khas Ventures, London-based private equity firm Creator Collective Capital, Unicommerce Founders Ankit Pruthi, Karun Singla and Vibhu Garg as well as upGrad Co-Founder Mayank Kumar, among others.
Using the fundraise, the company plans to scale up its operations, boost product development, boost team across engineering, product, sales, marketing and operations and expand India and the US footprints.
RetainIQ, launched by Sitakanta Ray, Arpit Gupta and Sulakshan Kumar in 2021, is a software platform that enables e-commerce stores and brands globally to convert and retain their customers by leveraging communication automation on email, Whatsapp, SMS, push and on-site.
"As acquisition costs continue to grow for e-commerce brands, customer retention is coming into prominence. We're really excited to back RetainIQ to solve the retention challenge that we think can lead to a massive opportunity.
We believe their team of repeat founders have the right background and expertise to address this problem,” said Subrata Mitra, Partner at Accel Partners India.