Company looking to expand footprint in international markets and strengthen its position in India
Text Mercato, a cataloging and content technology company, has raised $2.6 million in Pre-Series A funding round led by 1Crowd, Mount Judi Ventures and US-based Innospark Ventures.
The capital raised will be used to invest in technology, enhance automation capabilities and category coverage, and a DIY (Do-it-Yourself) platform named Rubick.ai that will support end-to-end cataloging for small and medium brands, said Subhajit Mukherjee, Founder, Text Mercato.
The company’s other focus is to expand its footprint in international markets and strengthen its position in India.
About 16 per cent of the company’s revenue comes from global markets, including the US, UAE, and France, and this international share is slated to jump above 30 per cent in FY22-23.
Increase in revenue run-rate
It now processes over one million SKUs per month, with a three-time increase in revenue run-rate of last year, and this revenue is expected to grow quadruple in the current financial year, said the company.
Girichandra Kuchangi, Partner, 1Crowd, said, “Text Mercato is the preferred partner to several leaders in the Indian e-commerce sector in the area of product information management that is so critical to discovery, sale and reducing returns in online commerce.”
The company had previously raised over $1 million, bringing the total raise to $4 million till now. The round also saw participation from Modulor Capital, Tremis Capital, ah! Ventures and other angels.