19 April, 2016, New Delhi: Betaout Inc., a customer intelligence and marketing automation platform for E-commerce companies has raised US $1.5M in its Pre Series A round of funding. The funding comes from an esteemed group of investors including Beenext, Stanford Angels, Letsventure, Chennai Angels, Hyderabad Angels, and Mumbai Angels. Match Group CEO, Sam Yagan also participated in Betaout’s seed funding round through Corazon Capital.
Betaout will use this round of funding for customer acquisition in the Indian market, and expansion in other Asian markets. The funding will also be used to hire professionals across technology, marketing and account management. The company will also focus on developing its mobile offering, and other features on its platform such as machine learning, conversation-commerce, etc.
Betaout, founded in October 2014 launched a SaaS based offering for B2C/ E-commerce companies that provides customers real time big-data, segmentation based on business rules and machine learning, and omni channel personalization that reaches customers with personalized marketing via push, email, sms, re-targeting, in-app, in-web etc. The company’s revenue model is based on a monthly recurring subscription that is determined by the number of addressable contacts and messages sent.
Industry experts peg the E-commerce opportunity in India at US $25 Billion. Customer retention and personalization capabilities are going to be a key in differentiating the front-runners from the rest. Betaout’s target market is SMBs, a large category in India and naturally companies enabling E-commerce for this category will see a surge in demand for their products and in the number of users. Companies managing a large volume of users want to know their audience intimately and market well to them. This is where Betaout comes in.
On the funding, Ankit Maheshwari, CEO and Co-founder, Betaout, said, “This round of funding, by respected and reputed names in the investor community has energized us to pursue our business objectives with focus and alacrity. This would be an absolute necessity given the pace at which the E-commerce and B2C market, which we serve, is growing in India. Our plans for 2016 include growing our existing customer base in the Indian market and expanding to other Asian markets including Indonesia and Malaysia.”
Sam Yagan via Croazon Capital who is also CEO of Match Group one of the key investors in the Pre Series A round of funding said, “We are impressed with the progress Betaout has made in India in a short span of time. Their product has already been embraced by some of the big names in the E-commerce space validating the value their customized toolset adds to E-commerce companies in their drive for more engagement and conversion across all channels.”
“Betaout’s product gets to the heart of all E-commerce marketers’ goal, which is to help them have an understanding of the customer that the product or service speaks for itself. Betaout through a single tool is helping its customers achieve the same and we are enthused to be part of their journey. “ said Teruhide Sato Founder and Managing Partner at BEENEXT.
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