$4.6 Million Invested In Community Monetization Platform Convosight by IvyCap and Qualgro

• ByStartupStory     |    November 15, 2022

Convosight, a platform for community-based revenue generation, has raised Rs 37 crore ($4.6 million) in a pre-Series B investment that was jointly led by IvyCap Ventures and Qualgro Venture Capital. The Delhi-based company’s initial investment round for 2022 is now complete. Convosight’s regulatory filing with the Registrar of Companies (RoC) reveals that the board of directors approved a special resolution to issue 100 equity shares and 30,315 pre-Series B compulsory convertible preference shares (CCPS) at an issue price of Rs 12,175.92 per share in order to raise Rs 37 crore, or $4.6 million.

Together, IvyCap Ventures and Qualgro Venture Capital contributed Rs 16.46 crore to the investment round, and Twenty Nine Capital contributed Rs 4.11 crore. In this round, the company might get more funding. Convosight, led by Tamanna Dhamija, Tarun Dhamija, and Kartik Bansal, employs machine learning and data analytics to assist admins and marketers in creating, regulating, expanding, and monetizing their communities on Facebook, Reddit, Telegram, and Slack.

According to the company’s website, over 150 brands have collaborated with over 100K communities. It states that it has already given community creators more than $2 million. Convosight is used by companies including Reckitt, Procter & Gamble, Nestle, Abbott, and ITC to increase customer involvement through community marketing. The company has an estimated value of about Rs 335 crore, according to Fintrackr (post-allotment). Around $19.6 million has been raised for Convosight so far, including a $9 million Series A round in June 2021. Convosight generated operational revenue of Rs 9.55 crore in FY21, while it has not yet released its financial data for FY22. According to the company’s annual financial reports filed with the RoC, losses for FY21 totaled Rs 7.38 crore.

Follow Startup Story