Bangalore-based cataloging and content technology company Text Mercato has raised a $2.6 million (Rs 20 crore) investment in the pre-Series A funding round led by 1Crowd, Mount Judi Ventures and the American company Innospark Ventures. The round also saw participation from Modulor Capital, Tremis Capital, among other angel investors.
“While companies tend to build their products around a singular problem such as image, text, translation or other solutions, our product’s goal is to do this end-to-end, without four to five vendors.Our solution provides seamless integration, speed, quality and cost-effectiveness to our customers,” said Kiran Ramakrishna, Founder of Text Mercato.
The capital raised will be used in technology to improve automation capabilities and category coverage, as well as the launch of an exciting Do-it-Yourself platform named Rubick.ai, which will support end-to-end cataloging for small and medium-sized businesses. brands.
The other objective of the company is to expand its presence in international markets and strengthen its position in India. The company says about 16% of its revenue comes from global markets, including the United States, UAE and France, and that international share is expected to grow to more than 30% in FY23.
“The burgeoning growth of e-commerce in India, coupled with the boom in direct-to-consumer selling, underscores the enormous potential of the Text Mercato suite of products. Additionally, their upcoming Do-It-Yourself platform, industry-neutral offering, and anytime, anywhere deployment across geographies opens doors for significant global expansion,” said Shoaib Ahmed, Partner. general, MJV and former president of Tally.
Text Mercato currently claims to serve more than 50 major brands, including a few international ones. Some of their clients include Myntra, Nykaa, Webedia France, The Luxury Closet UAE and Live Auctioneers US.
“As an AI-focused fund, we seek out startups that use AI in innovative ways to solve tough problems. Text Mercato deploys AI to drive automation in the traditional, highly manual catalog management process online. This is a global problem that is not easy to solve, and we have been impressed by how strongly their early customers believe in them,” explained Venkat Srinivasan, Managing Director and Deepak Verma, partner, Innospark Ventures.
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