Bangalore-based cataloging and content material know-how firm Text Mercato, has raised an funding of $2.6 million (Rs 20 crore) in Pre-Series A funding spherical led by 1Crowd, Mount Judi Ventures and US-based Innospark Ventures. The spherical additionally noticed participation from Modulor Capital, Tremis Capital, amongst different angel buyers.
“While companies tend to build their products around a singular issue such as the image, text, translation, or other solutions, the focus of our product is to do this end-to-end, sans four-five vendors. Our solution provides seamless integration, speed, quality, and cost efficiency for our clients,” Kiran Ramakrishna, founder, Text Mercato, stated.
The capital raised might be utilized in know-how in enhancing automation capabilities and class protection, in addition to launch of an thrilling DIY (Do-it-Yourself) platform named Rubick.ai, that can help end-to-end cataloging for small and medium manufacturers.
The firm’s different focus is to broaden its footprint in worldwide markets and strengthen its place in India. The firm claims that about 16% of its income comes from world markets, together with the US, UAE, and France, and this worldwide share is slated to leap to over 30% in FY23.
“The burgeoning growth of e-commerce in India, coupled with the direct-to-consumer boom underscore a massive potential for the Text Mercato suite of products. Further, their upcoming Do-It-Yourself platform, sector agnostic offering and anytime-anywhere deployment across geographies opens doors for significant global expansion,” Shoaib Ahmed, basic companion, MJV and former president of Tally acknowledged.
Text Mercato presently claims to serve over 50 giant manufacturers, together with a number of worldwide ones. Some of their purchasers embrace Myntra, Nykaa, Webedia France, The Luxury Closet UAE, and Live Auctioneers US.
“As an AI-focused fund, we look for startups that use AI in innovative ways to solve challenging problems. Text Mercato deploys AI to drive automation into the very manual traditional process of online catalog management. This is a global problem that is not easily tackled, and we have been impressed by how strongly their early customers believe in them,” Venkat Srinivasan, managing director and Deepak Verma, companion, Innospark Ventures additional defined.
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Source: www.financialexpress.com”