Singapore-headquartered and Delhi-based data analytics firm Connaizen has raised an undisclosed amount in pre-seed funding from Umang Moondra, former managing director of Citigroup, Singapore.
Connaizen, which was launched in April 2015, provides targeted marketing solutions to merchants through its collaboration with financial institutions.
The startup is soon going live with four private banks, so the money will be used to help expedite the integration, its co-founder and CEO Nikhil Garg told Techcircle.
Connaizen also said that it is looking to close a bigger funding round by February end.
Founded by Garg, Vikas Bharti, Sanchit Kapoor and Siddhant Punn, Connaizen analyses transaction data available with banks. It draws insights from the customer's card transaction history, geographical location, search history and purchases by peers. Based on this, the startup helps merchants target customers.
Connaizen—which is currently working with 30 offline and online retailers across India—aims to have 150 merchants by July end. Its customers include Swiggy, Faasos and Thomas Cook, among others. Part of the funding will also be used to build a sales team, Garg added.
Prior to launching Connaizen, Garg worked as a business analyst with research firm The Smart Cube, Kapoor worked with Amadeus IT Group and Bharti was a data scientist at HDFC RED. Punn, however, is also working as senior strategic partner manager with ad-tech firm Media.net.