TargetingMantra, a data analytics, and personalization service for on-line companies has closed a $1.1mn funding from 500Startups, Nexus Venture Partners and One97 Mobility Fund. TargetingMantra’s omni-channel personalization suite analyzes multiple data sources including user behaviour across web, mobile and other places to showcase the most relevant information and products to a user, thereby improving user satisfaction and increasing conversion rates and revenues for e-commerce players.
With clients across India, South-East Asia, Brazil and USA, TargetingMantra has delivered tremendous benefits to e-commerce clients in travel, lifestyle, fashion, baby products, cosmetics, marketplaces, and home furnishings. The company has helped these clients increase conversion rates and monthly revenues.
TargetingMantra’s founding team consists of serial entrepreneurs who have previously worked at Amazon’s core personalization team, Rocket Internet portfolio companies and other consumer brands. Co-founder & CEO, Saurabh Nangia says “Personalization can drive up to 30% of revenues for e-commerce companies that do it well. Personalization not only helps a company increase conversion rate but also helps in building customer loyalty and increasing the average order value. Customers today face the problem of plenty with respect to the choices in online-purchase space. This results in customer fatigue and hampers buying decision. Showcasing only the most relevant products helps in fast purchase decisions and great customer experience”.
Says Naren Gupta, Co-founder & MD, Nexus Venture Partners, “Intelligent use of data is the future of everything on-line and mobile. An ability to customize product offerings, news and other information while protecting privacy is the holy grail of e-businesses worldwide”.
Dave McClure, Founding Partner, 500Startups, adds, “TargetingMantra helps ecommerce businesses make more money by providing automatic personalization & recommendations, but without having to pay for a nuclear bunker full of data scientists. Leave the rocket science to them, and get back to work.”
Vijay Shekhar Sharma, Managing Director of One97 Mobility fund said “Data is being collected by everyone. However making effective use of that data is something TargetingMantra showed us at PayTM/One97 and we believe the future is in such effective and intelligent usage of data. We are happy to be a partner in their journey forward.”
Mobile drives between 30-50% of all online sales and its role will become increasingly dominant in the future. A seamless experience becomes critical. TargetingMantra offers omni-channel personalization via web, iOS and Android.
TargetingMantra plans to use the funding to continue developing its core offering and developing new products in the targeting space.
The Silicon Valley and New Delhi based company has stalwarts like RajanAnandan (MD Google India), Ankur Warikoo (Head, Groupon Asia-Pacific) and Gaurav Agarwal (former Farmville MD) as advisors.