Global SaaS start-up ProfitWheel raises INR 10 Crores Pre-series A funding
Mumbai : ProfitWheel, the global consumer intelligence SaaS start-up, co-founded by serial entrepreneurs Vivek Bhargava, Gautam Mehra and Aman Khanna today announced the closing of their Pre-Series A round of INR 10 crores. Investments in this round were made by Ashutosh Garg – CEO and Co-Founder of Eightfold AI, Amit Singhal – former SVP at Google Inc. & Head of Google Search and Nigel Morris – Director Admix & former Chief Strategy & Innovation Officer and CEO Americas & EMEA of dentsu international.
The round also saw additional investments from existing seed round investors like Netcore Cloud, a leading acquisition, engagement, and retention company. This latest round builds upon the $3 million seed round raised last year and highlights continued interest in ProfitWheel’s market solution for a changing data landscape – following the launch of their global marquee product consumr.ai, a first of its kind, integrated consumer intelligence platform that enables advertisers and their agencies to discern more effectively who comprises their consumers, what are they passionate about, the kind of content to consume and activities they undertake.
ProfitWheel helps large enterprises unpack actionable insights on their first party data. Used by Fortune 100 companies to take decisions on Media Buying, Content creation, creative strategy, Influencer selection etc across 40 plus countries, ProfitWheel has developed a solution that works in tandem with this changing landscape while both retaining a brand’s ability to make targeted and accurate analysis from their first part and third-party data sources while ensuring end-user privacy. Keen investors have taken notice and are taking action to get ahead of the coming data crisis.
Regulations like GDPR / CCPA now require personalization at a segment level and deprecation of cookies has reduced brands’ ability to understand the psychographics of their customers.
“We’re on a growth trajectory and the market environment is ripe to think aggressively”, says Gautam Mehra, co-founder & CEO of ProfitWheel. “It is a no-brainer that investing in consumer intelligence forges better understanding between brands and their audiences and propels growth and genuine engagement. Digital marketing is constantly disrupted with ever-changing systemic changes and privacy concerns – creating lesser audience transparency. ProfitWheel was established to empower marketers with more intelligence to help them navigate these changes and have better consumer understanding to steer their businesses. With an ambition to emerge as a multi-billion dollar enterprise, we will continue to deliver best in class products to the market around consumer intelligence and unearth insights that fuel consumer growth and intelligence.”
Nigel Morris, Chair of The Upside and Investis Digital, Director at Landvault & former CEO Dentsu Americas & EMEA, said, “All the changes in the advertising market are creating real disruption to demand generation for brands. The good news is the opportunity for brands to lean into modern technologies that can finally use their first party data to deliver privacy-safe and real-time customer experiences to the audiences they want to reach. ProfitWheel helps its customers release the power of their first party data, allowing them to expand insights and unpack deep audience passions to inform and drive more effective and efficient growth strategies. It is helping brands and businesses transform growth opportunities from product and geographic priorities to creative strategy and media targeting. All within a methodology and system that protects the privacy of consumers and the values of brands.”
Rajesh Jain, Founder Netcore Cloud, said, “Indian SaaS companies are creating a paradigm shift in terms of delivering world-class solutions at better than competitive standards and helping enterprise clients navigate through complex challenges. Fundamentals matter now more than ever and delivering frictionless solutions to empower democratisation of intelligence has never been more important. ProfitWheel plays a vital role in redefining how consumer intelligence is sort and can be a philip to an organisation’s growth.”
The enterprise will use the additional funds to further its conquests in the US and other key Global Markets, making strategic hires in sales and customer success and bolstering its product artillery for new use cases in consumer intelligence.
Co-Founded by Vivek Bhargava – serial entrepreneur and former CEO of dentsu’s Performance Group in India, Nielsen’s Aman Khanna along with Gautam Mehra who led and built dentsu’s data sciences and programmatic arms, ProfitWheel beat its internal estimates of product growth and revenue targets. Founded in 2020, it has focused itself on becoming a consumer intelligence platform enterprise, helping data driven marketers bolster their consumer understanding journeys for better business decisions.
The platform has been used by some of the largest banking and finance players in the world, a Fortune 100 company, several direct-to-consumer brands, established e-commerce giants and some of the largest players in consumer tech and home appliances.