Mobile advertisement platform, PayTunes today said it has received a funding of USD 500,000 from Indian Angel Network.
The pre-series A round also saw participation from PayTunes’ existing investor, CIO Angel Network as well as Apurva Parekh from Pidilite and Sanjay Mehta.
Vishal Khare and Rajeev Arora have led this round of investment on behalf of IAN and will join the company board for further mentoring the team.
PayTunes had raised USD 100,000 from CIO Angel Network in September last year.
Founded in July 2015, PayTunes provides advertisers and brands a targeted medium to reach mobile consumers through audio visual ads.
Users can download PayTunes app that will replace their mobile ringtones with ad jingles from advertisers. At the end of the call, a visual for same ad is also shown.
“For every ad played, user earns points which they later redeem in terms of mobile recharges and bill payments,” PayTunes co-founder Divya Pratap Singh told PTI.
He added that the app has seen over 4 lakh downloads and has strong foothold in regions like Delhi-NCR, Uttar Pradesh, Gujarat, Mumbai, Pune, Rajasthan and Bihar.
“For advertisers, PayTunes provides a complete ad platform with in-build ad analytics.
Advertisers can choose the users they want to target based on geography, demography and other parameters and push their ad from our platform’s back-end dashboard through a single click,” he said.