21 August 2023, Bangalore: A Bangalore- based martech startup hypergro.ai, focused on boosting brand revenues and dramatically reducing customer acquisition costs, announced today that it has raised seed funding of INR 7 crore. The round was led by Silverneedle Ventures with participation from Huddle, TDV Partners, HME Ventures, Dholakia Ventures, FiiRE, & prominent angel investors like Arjun Vaidya, Ankit Kedia and Rajesh Sawhney.
In the current digital landscape, rising Customer Acquisition Costs (CAC) are eating up large parts of budgets without delivering expected returns. This problem is made worse by poor Return on Ad Spend (ROAS); even with huge investments in various ads. This combination of challenges has brands stuck in a cycle of high spending with low results, making steady growth hard to achieve.
With hypergro.ai, brands can reverse this trend by using its state-of-the-art platform that harnesses the raw power of user-generated content (UGC) and couples it with cutting-edge artificial intelligence. This revolutionary synergy not only simplifies the customer acquisition trajectory but also offers brands a potent tool that’s both cost-effective and resonant with modern audiences.
On the fundraising, 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”.
The startup was founded in the year 2022 by Rituraj Biswas (CEO), Neha Soman (CBO), Abhijeet Kumar (CTO), and Arijit Mukhopadhyay (CPTO). With roots embedded in platforms like ShareChat and Glance, their collective insight into the digital domain is profound. Rituraj spearheads the product, focusing on innovation and keeping our solutions fresh and ahead of the competition. Abhijeet, hailing from IIT Roorkee, and Arijit, a proud product of IIT Delhi, together constitute the tech-driven backbone. Meanwhile, Neha, leveraging her vast marketing expertise and hands-on experience as a YouTube creator, infuses the team with a distinct content-centric insight.
“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.
A substantial slice of this financial boost will be channelled to Hypergro’s core – its AI capabilities. This encompasses in-depth data exploration, refining predictive algorithms, and polishing automation to offer clients unparalleled results. As hypergro scales its operations, it will need to expand its teams. The funds will be used to attract top talents in areas such as AI and machine learning, tech, product, sales and marketing. Moreover, the company is setting its sights on new markets and is poised to make its innovative solutions accessible to a broader spectrum of businesses.
With businesses steadily gravitating online, they are poised to cater to a booming market, predicted to soar to an astronomical $3.1 billion by 2024 in India alone. Nestled at the pivotal crossroads of digital advertising and UGC, hypergro is the torchbearer in these swift-scaling sectors.