Text Mercato raises $2.6 million in its Pre-Series A round of funding

• ByStartupStory     |    June 7, 2022

Text Mercato, content technology and cataloguing platform has secured $2.6 million in an equity pre-Series A fundraising round. 1Crowd, Mount Judi Ventures, and Innospark Ventures led the financing. Modulor Capital, Tremis Capital, and ah! Ventures were among the investors.

Text Mercato’s early investors received a 12.3X return on investment as part of the deal (ROI).

The cash will be utilised to increase Text Mercato’s foreign market presence. It will also be utilised to improve the company’s position in the Indian market. Text Mercato will also use the funding to enhance its digital infrastructure, introduce additional categories, and create Rubick.ai, a DIY (Do-it-Yourself) platform. So far, Text Mercato has raised approximately $4 million in funding.

The Bengaluru-based firm, founded in 2015 by Kiran Ramakrishna and Subhajit Mukherjee, provides customers with content marketing solutions. Its platform houses a number of content writers who can be hired by businesses. It also gives organisations cataloguing automation services. Before distributing material to consumers, Text Mercato performs a 17-point quality check, which includes plagiarism and duplication checks.

Rubick.ai, a new platform from Text Mercato, intends to enable end-to-end cataloguing for small and medium businesses. Every month, Text Mercato creates about 1 million pieces of content. Its income surged thrice from the previous fiscal year. In the fiscal year 2022-23, Text Mercato wants to expand its revenue by 4X and boost its market share in the worldwide market by 30%.

It says that worldwide markets such as the United States, the United Arab Emirates, and France account for 16% of its sales. Customers of Text Mercato include Myntra, Nykaa, Webedia France, The Luxury Closet UAE, and Live Auctioneers US.

Text Mercato competes with the likes of Textbroker, Problogger, and Guru in the content marketing industry. According to a survey, the worldwide content marketing industry is expected to reach $107 million by 2026, with a CAGR of 14.3%. Because of the rising need for content marketing software, India’s content marketing industry will rise fast in the future years.

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