Startup funding: Bengaluru-based marketing technology startup Hypergro.ai on Monday said it has raised Rs 7 crore in the seed funding round led by Silverneedle Ventures. Other investors including Huddle, TDV Partners, HME Ventures, Dholakia Ventures, FiiRE and prominent angel investors such as Arjun Vaidya, Ankit Kedia and Rajesh Sawhney participated in the round.
Hypergro.ai focuses on reducing Customer Acquisition Costs (CAC) providing marketing solutions to the brands in a cost-effective manner. According to the release, the startup plans to utilise the funds raised towards increasing its AI capabilities through refining predictive algorithms, data exploration, and improving automation, as well as expanding its team by talent acquisition. The startup also plans to explore new and potential markets for its product.
Prashant Panday, Partner at Silverneedle Ventures said, “Hypergro.ai attacks the biggest challenge facing consumer marketing companies – rising CACs. We at Silverneedle Ventures believe strongly in the power of technology in general and AI in particular. We are proud to lead this round and repose confidence in the dynamic founders of the company”.
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The startup was founded in 2022 by Rituraj Biswas (CEO), Neha Soman (CBO), Abhijeet Kumar (CTO), and Arijit Mukhopadhyay (CPTO).
“At Hypergro, we’re not merely witnessing the future – we’re crafting it. By merging the power of AI with the authenticity of UGC, we’re redefining the dynamics of business-customer interactions. Our mission is to make this groundbreaking shift both transformational and available to everyone,” stated Rituraj Biswas, Co-Founder & CEO of hypergro.ai.
According to Statista, Digital advertising spending worldwide in 2022 was $567.49 billion, which will cross $835 billion by 2026. As of 2022, the Internet was considered the most important medium for advertisers, accounting for 62 per cent of total media ad spend in 2022. Internet expenditures are projected to record a growth of 8.4 per cent in 2023.
The ad spending in the digital advertising market in India is projected to reach $5 billion this year with search advertising being the largest segment having a market volume of $2 billion in 2023.