New Delhi-based Wigzo Technologies Pte Ltd, which operates enterprise automation suite Wigzo, has raised an undisclosed amount in a bridge round led by existing investor 3one4 capital.
Other existing investors, including Aarin Capital, advantEdge Partners and Rohit Malik of DMA Capital, also participated in the round. New investors include Arjun Sharma of Select Hospitality, Mohit Gulati of Altius Ventures and Vic Kaul, who was formerly with software firm VMware, the company said in a statement.
Umair Mohammed, chief executive of Wigzo, told VCCircle that the funds would be used to expand the firm’s operations in North and South America, and to develop its global partnership network across South East Asia, Japan and Australia. Wigzo currently has 26 such partners.
The fresh capital would also be used to hire talent from both India and abroad for leadership positions across functions.
“We have initiated the process to set up a team for our American operations and we should be up in that market within the next two to three months,” Mohammed said. The company has already made a crucial hire to handle its global partnerships and alliances, and also struck a key partnership deal, whose details will be revealed soon, he added.
Wigzo was founded in 2013 by Mohammed, Himanshu Kaushik, Shamail Tayyab and Vikrant Khushu. The company offers an enterprise marketing automation suite that allows brands and marketers to personalise communication across multiple channels, including email, push notifications as well as Facebook and Google ads, from a single dashboard. Wigzo uses data analysis and machine learning to help clients communicate with their users in a personalised manner.
According to Mohammed, Wigzo's algorithm-based personalisation of digital marketing, which understands the consumer better than traditional, rule-based personalisation, will be its chief product differentiator.
“Marketing automation is a very broad term. This is a $4-billion industry that is currently fragmented. We are more a machine intelligence-driven personalisation platform rather than a marketing automation platform for B2C, while most players operate in the B2B space,” said Mohammed.
Wigzo claims to have more than 300 paying customers, including brands like Awok, Mr Button and W. Around 70% of its customers are from India, and e-commerce companies account for the chunk of its customer base.
The company, which broke even last year and achieved profitability, will look to raise $5-10 million in Series A funding for inorganic expansion. It claims to be growing 15% month-on-month and is targeting $1 million in monthly run rate (MRR) over the next 18 months.
“We have enough in our kitty to finance the current expansion, and will go for a big-ticket funding round only if we need growth capital to rapidly expand our American operations through acquisitions,” said Mohammed.
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