Text Mercato, a cataloging and content technology company, has raised $2.6 million in Pre-Series A funding round from 1Crowd, Mount Judi Ventures and US-based Innospark Ventures.
Modulor Capital, Tremis Capital, ah! Ventures and other well-known angel investors also participated in this round.
The Bengaluru-based Text Mercato was founded in 2015 by Kiran Ramakrishna and Subhajit Mukherjee, It initially started as a content solutions provider, their proprietary tools weaving together machine learning models such as image recognition, data extraction and workflows that meet diverse needs.
It also provides creative content for customers through custom platforms that have the ability to manage content at scale. Among other unique features, the system can auto-check for keywords, plagiarism, word count, and manage content structure.
“While companies tend to build their products around a singular issue such as the image, text, translation, or other solutions, the focus of our product is to do this end-to-end, sans four-five vendors. Our solution provides seamless integration, speed, quality, and cost efficiency for our clients”, said, Kiran Ramakrishna, Founder of Text Mercato.
The startup now processes over 1 million SKUs per month, with a 3X increase in the revenue run rate over the previous year, and this revenue is expected to quadruple in the current fiscal year.
“The capital raised will be used invested in technology in enhancing automation capabilities and category coverage, as well as launch of an exciting DIY (Do-it-Yourself) platform named Rubick.ai, that will support end-to-end cataloging for small and medium brands,” said, Subhajit Mukherjee, Founder, Text Mercato.
The startup aims to expand its footprint in the global markets and strengthen its position in the India market.
“The burgeoning growth of e-commerce in India, coupled with the Direct-to-Consumer boom underscore a massive potential for the Text Mercato suite of products. Further, their upcoming Do-It-Yourself platform, sector agnostic offering & anytime-anywhere deployment across geographies opens doors for significant global expansion”, said, Shoaib Ahmed, general partner at MJV and former president of Tally.
About Text Mercato
Text Mercato is one of the few companies in the world that helps develop content using a custom-built platform and algorithms to deliver quality work within timelines. One of their expertise is delivering consistent quality when scaling.
- Helping clients build well-researched, presented and targeted content. Maintain delivery quality while scaling.
- Clients: Amazon, L’Oreal, Royal Bank of Scotland (RBS), Quikr and 100+ clients trust them
- Disrupting the industry with one of the world’s first dedicated B2B content platform (launched) with both scaling and expert writer matching capabilities. Use of tech and sound processes in delivery, their specialty
- Bringing content production real-time (Phase-1 launched) – Phase-2 in production / Phase-3 scheduled
- TM has 3 offices in Bangalore with clients from America, Europe, Dubai and India. 50% of their revenues comes from companies abroad.
- The company is funded by three kick-ass angels till date (all of whom are successful entrepreneurs and Angels with other companies)
- Established in 2015, profitable for the last two financial years, heading into the third year with retainer contracts