Mountain View, California-headquartered, Targeting Mantra a data analytics, and personalization service for on-line companies has closed a $1.1mn funding from 500Startups, Nexus Venture Partners and One97 Mobility Fund. TargetingMantra’s omni-channel personalization suite analyzes multiple data sources including user behaviour across web, mobile and other places to showcase the most relevant information and products to a user, thereby improving user satisfaction and increasing conversion rates and revenues for e-commerce players.
TargetingMantra helps ecommerce businesses make more money by providing automatic personalization and recommendations, but without having to pay for a nuclear bunker full of data scientists, said Dave McClure, founding partner of 500 Startups.
Data is being collected by everyone. However, making effective use of that data is something TargetingMantra showed us at Paytm/One97 and we believe the future is in such effective and intelligent usage of data, explained by Vijay Shekhar Sharma, founder of Paytm and managing director of One97 Mobility fund.
The company aims to utilize the raised funds to continue developing its core offering and developing new products in the targeting space as well as to push its global expansion. TargetingMantra currently serves several ecommerce companies in the US, Singapore, Southeast Asia, and Brazil, besides India, to offer better product recommendation to customers based on their profiling.
“We are growing fast in India, but we realized that we need to expand our team to grow faster internationally. Also, for our products to meet the surge in demand, we decided to go for funding. This seed round will help us grow faster and go farther,” said Saurabh Nagia, Co-Founder of Targeting mantra.
The company is known for providing omni-channel personalization suite via web, iOS and Android that analyzes multiple data sources including user behaviour across web, mobile and other places to showcase the relevant information and products to a user and also provides its solution in form of a SaaS model.