AdWyze raises funds from Mape
AdWyze had won first place at the MIT Global ...
BENGALURU: AdWyze, a marketing automation technology startup, has raised $1 million from investment bank Mape Advisory. The Bengaluru-based firm has built a digital marketing automation and optimization platform for enterprises and SME advertisers, who spend their advertising budget on Facebook. The company will launch a product for Google within the next month.
AdWyze had won first place at the MIT Global Startup Labs and was also selected for the Google Launchpad mentorship programme. Founded in December 2014, it has many clients including Zivame, Koovs, Lenskart, Fashionara, Swiggy and TinyOwl. For %Mape, this was one of its first investments in the internet space.
AdWyze was founded by Arun Srinivasan, an IIM Calcutta graduate who worked earlier with Bwin Party, HostelWorld and Zivame, and Ankur Gupta, an IIT Kanpur graduate who previously worked with Google's advertising division and Walmart Labs.
"While working in Zivame's marketing team, I spent all my time looking at the return on investment (ROI) in our digital marketing spend as the company was leaning heavily on digital platforms for most of its promotions. Then I found that most marketers do the same," Srinivasan told TOI.
Jacob Mathew, MD and cofounder, Mape Advisory, said, "They seem to be scaling up well and we already have marquee VCs courting the firm for Series A investments. Currently they are well funded and already have their revenue engine in place; so there's no immediate plans of another fund raise."