Wrap2Earn, a technology-first cab branding startup, receives investor backing despite COVID-19 blues
Delhi: Mumbai-based AdTech startup Wrap2Earn Technologies has announced the conclusion of its recent funding round to support its ambitious expansion plans.
Founded in 2017 by Elmer Dsilva & Manuel Fernandes, Wrap2Earn is a street-level “moving billboard” media platform which connects advertisers with cab drivers to create cost-effective and high-impact, on-vehicle advertising campaigns. Since its inception, the company has worked with over 55 advertisers to brand over 10,000 cabs across 16 Tier 1 & 2 cities Pan India.
Pitched as a tech-first innovative media platform, Wrap2Earn provides advertisers more bang for their buck in comparison to traditional OOH media. For the cost of a single static billboard in key metro cities, advertisers can brand up to 200 cabs for an entire month. The ingenuity lies in how it delivers unparalleled exposure and reach by using branded cabs that drive over 150 kms per day. Not only that, Wrap2Earn also works closely with their clients to execute internal car activation / sampling campaigns thereby taking advantage of the undivided attention of cab passengers during their transit.
A one of its kind offering in the space, Wrap2Earn provides clients access to an online dashboard to track their campaign performance in real-time with complete transparency. By providing its advertiser partners with key performance metrics such as number of kilometres driven, impressions gained and tamper-proof audits throughout the duration of the campaign, Wrap2Earn has been able to successfully bridge the gap between OOH and digital advertising media.
This promising Indian start-up prides itself in being able to create a win-win situation for both advertisers and cab drivers alike. With Wrap2Earn, they have fostered a gig economy for their driver partners who can supplement their income with advertising revenue by simply driving the way they already do.
Leveraging their expertise in the cab branding space and with technology at the heart of everything they do, Wrap2Earn is set to launch their debut into the Digital OOH (DOOH) space by October this year, ahead of the festive season.
Speaking on the occasion, Founder & CEO- Elmer Dsilva added, “What began as a bootstrapped operation 36 months ago has today grown to a team of over 20 passionate individuals coming together to deliver innovative and contextual advertising solutions to our branding partners. With a YOY revenue & client growth of over 100% since commencing operations in 2017, we used the brief inactive phase during Lockdown 1.0 to further strengthen the analytics we offer with our current offering and build advanced proprietary technology for a DOOH offering that we plan to announce shortly.
We have managed to position ourselves as one of the strongest players in the cab branding space in India and are ready to take advantage of this position. As testament to the immense potential and growing confidence in our venture, we have received funding from investors based out of India as well as the US. We will be using the proceeds to grow our current offering more aggressively and launch a new offering in the DOOH space, which will provide our customers with unparalleled value, flexibility, and speed of execution. We believe that we are only just scratching the surface in terms of innovative cab branding solutions, and we want to re-imagine a world where cabs are not just a mode of transport but also engaging and cost-effective canvases for advertisers to tell their brand stories.”
In addition to growing and building this unique market share in India, the company is also actively exploring strategic partnerships to launch their offering abroad. With its sights set on becoming a global player over the next decade, Wrap2Earn Technologies is well-poised to redefine the (D)OOH space and blossom into one of the leading AdTech start-ups globally.