Bangalore-based cataloging and content technology company Text Mercato, has raised an investment of $2.6 million (Rs 20 crore) in Pre-Series A funding round led by 1Crowd, Mount Judi Ventures and US-based Innospark Ventures. The round also saw participation from Modulor Capital, Tremis Capital, among other angel investors.
“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,” Kiran Ramakrishna, founder, Text Mercato, said.
The capital raised will be used 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.
The company’s other focus is to expand its footprint in international markets and strengthen its position in India. The company claims that about 16% of its revenue comes from global markets, including the US, UAE, and France, and this international share is slated to jump to over 30% in FY23.
“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 and anytime-anywhere deployment across geographies opens doors for significant global expansion,” Shoaib Ahmed, general partner, MJV and former president of Tally stated.
Text Mercato currently claims to serve over 50 large brands, including a few international ones. Some of their clients include Myntra, Nykaa, Webedia France, The Luxury Closet UAE, and Live Auctioneers US.
“As an AI-focused fund, we look for startups that use AI in innovative ways to solve challenging problems. Text Mercato deploys AI to drive automation into the very manual traditional process of online catalog management. This is a global problem that is not easily tackled, and we have been impressed by how strongly their early customers believe in them,” Venkat Srinivasan, managing director and Deepak Verma, partner, Innospark Ventures further explained.