Hyperlocal advertising technology platform Machadalo.com, which is run by Mumbai-based Vijaikirti Technologies Pvt Ltd, has raised $175,000 (Rs 1.17 crore) in a seed round of funding from a group of angel investors, a top company executive told Techcircle.in.
Close to 18 investors, including serial entrepreneurs, fund managers and IIT alumni, have come together to put in money in the startup, said Nitin Jain, co-founder of Machadalo. "About six investors are based out of Mumbai and others are from Delhi, Hyderabad, Chennai and Bangalore," he said without divulging details.
The firm will use the funds to strengthen its tech platform and enhance operations.
Founded in June 2015 by Jain, Anupam Sorabh, Pankaj Kandhari and Naveen Sharma, the startup maps clients' ad inventory and uses data science to serve their advertising needs. It breaks down city level geography into multiple hyperlocal spaces such as residential societies, schools, colleges and corporate parks, among others, based on the target group and product and services, and then designs specific campaigns for the shortlisted hyperlocal spaces.
"Through our data-driven approach, we can identify, select and book relevant advertising spaces for our clients and help them execute efficiently. Our technology-based solution allows clients to shortlist advertising inventory at the click of a button," Kandhari said.
He said with the inclusion of PIN code-based digital marketing, the firm can offer 360 degree advertising solutions in any hyperlocal area.
Jain, Kandhari and Sharma are alumni of IIT Bombay. Jain was working as AVP, Oyo Rooms, and had earlier co-founded Infolitics, an information research and analytics firm based in Mumbai, while Kandhari previously worked with Flipkart as category analyst. Sharma was chief brand officer at online furniture store Stitchwood and had also co-founded Infolitics. He is also the founder of The Research Pedia, an online research venture.
Sorabh is a management graduate from National Institute of Industrial Engineering (NITIE) and previously worked with MarketMate as strategy and product head.
The firm claims it will achieve profitability by September 2016. Its clients include NoBroker, Freshmenu, Prohandz, Narayana Group of Schools, SpeedLabs and UrbanClap, among others.
The firm also plans to expand to Bangalore and Delhi-NCR.
Last year, it had raised undisclosed amount from angel investor Ajeet Khurana.
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