Oi Media, a unit of OurInitiative Media Pvt Ltd, a software-as-a-service (SaaS) platform for out-of-home (OOH) advertising, has raised an undisclosed amount in seed funding from early stage venture capital (VC) fund Quarizon, according to a press statement.
Oi Media, founded in 2015 by Praphul Mishra, enables media sellers and buyers to connect and transact in a transparent environment. The company was founded as a media agency, but pivoted to a SaaS-based on-cloud platform in 2016. Its proprietary technology platform aims for shorter time cycles at each stage of business, on the back of quick access to stored information and easy-to-use templates.
According to data from VCCEdge, the data research arm of News Corp VCCircle, the seed round was closed in April last year.
“We are really grateful and excited to have Quarizon on board who have an engaged set of professionals who add value right from the time of initial discussions to regular on-going reviews. As an immediate step, we would be launching a host of value-added services in audience measurement and analytics,” said Mishra.
Quarizon is a micro fund that invests in early-stage startups focussed on ed-tech, IT/ITeS, clean tech and Internet of Things (IoT) in the business-to-business-to-consumer space. It has invested Rs 12 crore in eight companies till now. Its investee companies include OurInitiative Media Pvt Ltd, QSR chain Chai Thela, SaaS mobile app platform Beatroute, music streaming app Streo and Zodius Technology Fund, apart from TripShelf and Pictor.
“The industry space for out-of-home media holds potential for enormous growth with the infusion of technology,” said Aditya Gupta, chairman, Quarizon.
Quarizon is looking to raise Rs 15 crore-20 crore more from friends and family to back startups, and has got a commitment of Rs 10 crore already. It plans to wrap up investments from the fund in September next year.
Most recently, Quarizon had backed process management startup AsoCon Outsourcing India Pvt. Ltd. Prior to that, Quarizon along with GEMS Advisory invested $235,000 (Rs 1.6 crore) in Delhi-based travel marketplace TripShelf Technologies Pvt Ltd.
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