Mumbai-based Vijaikirti Technologies Pvt Ltd backed hyperlocal advertising technology platform Machadalo.com, has raised $175,000 in a seed round of funding from IIT alums, serial entrepreneurs, angels, and some fund managers. Close to 18 investors have participated in the funding round. About six investors are based out of Mumbai and others are from Delhi, Hyderabad, Chennai and Bangalore.
The startup was founded in June 2015 by Nitin Jain, Anupam Sorabh, Pankaj Kandhari and Naveen Sharma. The Co-founders have lots of experience in the startup space, having worked with the likes of Flipkart, Oyo Rooms, Mu Sigma, and others.
Machadalo is an innovative startup as it has created a new category. In the space of advertising and marketing technology, Machadalo has brought in innovative inventory, proprietary metrics, data science, and management tools. It already has customers such as NoBroker, Freshmenu, Prohandz, Narayana Group of Schools, Speedlabs, Urbanclap, and others. It went to market just a couple of months ago, and is already witnessing more than 30% month-on-month revenue growth. At the current growth rate, they will turn profitable by September 2016.
Last year, the company had raised undisclosed amount from angel investor Ajeet Khurana.
About Founding Team
Nitin (Founder and CEO) has over 12 years of experience with consulting and start-up companies. He was the co-founder of Infolitics, a knowledge services player providing information research and analytics solutions. Nitin is a B.Tech from IIT Bombay, 2004 batch and is a big time foodie .
Anupam Sourabh (Founder and Solutions Head) started his career as a Technology and Process Consultant, and his last corporate job involved giving direction to 20,000+ students and 1,500+ employees of Sharda University and Group Institutes.
Pankaj Kandhari (Co-founder, Head Growth) is a graduate / post-graduate from IIT Mumbai in Chemical Engineering with 12 years of experience. He is an entrepreneurial person at heart and has founded a company before.
Naveen Sharma (Co-founder, Chief Marketing Officer) heads the marketing efforts at Machadalo. He is also responsible for conceptualising and executing digital marketing campaign for Machadalo clients. He is a serial entrepreneur. He has been head of research and consulting divisions of several companies in past. He holds graduate and post graduate degree in Chemical Engg. From IIT Bombay.
Advertisements