E-Commerce marketing startup RetainIQ has raised $2.3 million (Rs 17.2 crore) in a funding round led by venture capital firm Accel Partners.
The round also saw participation from marquee investors including Hauz Khas Ventures, London-based private equity firm Creator Collective Capital, Unicommerce Founders Ankit Pruthi, Karun Singla and Vibhu Garg as well as upGrad Co-Founder Mayank Kumar, among others.
The company plans to use the capital 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 ecommerce, 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 harbouring multiple unicorns within its own ecosystem,” Arpit Gupta, co-founder of RetainIQ, said.
Founded in June 2021 by Sitakanta Ray, Arpit Gupta and Sulakshan Kumar, RetainIQ is a software platform that 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.
“As acquisition costs continue to grow for ecommerce 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,” Subrata Mitra, Partner at Accel Partners India, said.