ProfitWheel, a software as a service startup, raised $3 million (Rs 22.2 crore) in seed funding from Netcore Cloud and angel investors.
The round also saw participation from Vallabh Bhansali of Enam Group; KRS Jamwal of Tata Group; Dinesh Agarwal from Indiamart; Prashant Gulati - investor and trustee, Tie Global Board; Rizwan Koita and Jagdish Mathur of CitiusTech; Jimmy Mahtani from Baring Private Equity Asia; and Harish Bhal and Manish Vij of the Smile Group; among others.
Netcore invested $1.5 million while the rest of the funds was deployed by 15 angel investors.
The company said it launched its operations in the US last month. Recently, ProfitWheel brought in Nielsen’s Aman Khanna and Gautam Mehra as co-founders. Khanna has been involved in the company’s US operations since its inception.
Cofounder Vivek Bhargava said ProfitWheel aims to deliver more profit to customers.
The company said it aims to increase focus on driving tech innovations and building new products that will enable true intelligence in the mar-tech ecosystem.
“I have been associated with Bhargava for more than a decade and have been deeply involved in ProfitWheel’s journey from its inception. As marketers enter a cookieless era, there is a dire need to look at newer technologies to engage with their customers effectively. ProfitWheel solves these challenges for brands by utilising first-party data in a privacy-compliant manner,” Rajesh Jain, founder and MD of Netcore Cloud, said.