RetainIQ Raises $2.3 Million In Seed FundingFunds will be used to rapidly scale business operations and expand presence in Indian and the US markets
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RetainIQ, a leading e-commerce marketing company, has raised $2.3 million in a Seed round led by venture capital firm Accel Partners.
The funding round also saw the participation of VC firm Hauz Khas Ventures, London-based private equity firm Creator Collective Capital, Unicommerce founders Ankit Pruthi, Karun Singla and Vibhu Garg, Upgrad co-founder Mayank Kumar, Ally.io founder Vetri Vellore, Brightchamps founder Ravi Bhushan Kumar, among others.
The funds will be used to rapidly scale its operations, accelerate product development, and expand its core teams across engineering, product, sales, marketing and operations.
"The global retail industry is currently experiencing a generational shift. The future always lay in e-commerce and the pandemic only accelerated this shift. Shopify has offered online retailers a safe space to grow and in the process has become a huge entity – worth over $100 billion and harboring multiple Unicorns within its own ecosystem," said Arpit Gupta, co-founder of RetainIQ.
"As acquisition costs continue to grow for e-commerce brands, customer retention is coming into prominence. We're really excited to back RetainIQ to solve the retention challenge that we think can lead to a massive opportunity. We believe their team of repeat founders have the right background and expertise to address this problem," said Subrata Mitra, partner at Accel Partners India.
RetainIQ is a software platform which enables e-commerce stores and brands globally to convert and retain their customers by leveraging communication automation on email, Whatsapp, SMS, Push and on-site.
