Software-as-a-service startup ProfitWheel on Tuesday said it has raised Rs 10 crore (around $1.2 million) as a part of its pre-Series A funding round from Ashutosh Garg (co-founder and chief executive at Eightfold AI), Amit Singhal (former head of Google Search) and Nigel Morris (former Dentsu International).
The round also saw participation from existing investor Netcore Cloud.
ProfitWheel will deploy the fresh proceeds for onboarding more talents, as well as for expansion of product and marketing footprints.
Founded by Vivek Bhargava, Gautam Mehra and Aman Khanna in 2020, the startup specializes in performance marketing and programmatic advertising. In October last year, ProfitWheel raised $3 million in seed funding from Netcore Cloud and angel investors.
“Digital marketing is constantly disrupted with ever-changing systemic changes and privacy concerns – creating lesser audience transparency. ProfitWheel was established to empower marketers with more intelligence to help them navigate these changes and have better consumer understanding to steer their businesses,” said Mehra.
“ProfitWheel helps its customers release the power of their first party data, allowing them to expand insights and unpack deep audience passions to inform and drive more effective and efficient growth strategies. It is helping brands and businesses transform growth opportunities from product and geographic priorities to creative strategy and media targeting,” said Nigel Morris.
Several SaaS based startups across categories have managed to raise funding in the recent past.
Last month, SaaS startup Impact Analytics had raised $10 million as a part of its Series B funding round from its existing investor Argentum Capital Partners.
In August, Emitrr had raised $4 million in a pre-Series A round of funding led by existing investors Chiratae Ventures, Venture Highway, FortyTwo VC, and Axilor Ventures.
