Pre-seed funding raised by WYLD from Better Capital, boAt’s Aman Gupta, others
- ByStartupStory | March 2, 2022
About $350,000 was raised during a pre-seed funding by WYLD, India’s first social currency card company. The seed round was led by Better Capital, and also saw participation from entrepreneurs like Aman Gupta and Sameer Mehta of Image Marketing that sells boAt products, Aditi Shrivastava (Pocket Aces), Malini Agarwal (Miss Malini), Nikunj Lotia (BeYouNick), Pranay Swarup and Julie Kriegshaber (Chtrbox), Rohit Raj (The Glitch), Ankit Kedia (Capital-A), Singularity Ventures, Ganesh Krishnan (Plan B Innovations), Shrishti Sahu, Karthik Bhatt (Force Ventures) etc.
Its payment card and building a strong go-to-market strategy would be developed with the funds raised for tech advancements by the company. WYLD could be a phygital payment card and mobile app for active social media users- those with over 1000 followers on Instagram in order to assist them monetise their social influence with every purchase.
WYLD lets its users sponsor its big selection of partner brands, online or offline, using the card, and if they favor posting about the merchandise or brand on social media, the users earn substantial cash backs on their purchase. The brand’s proprietary AI social classification system, determined by the quantity of followers, reach, engagement, frequency of posts and other such parameters are the WYLD score which measures cashbacks based on the users presence on Instagram. Yash Sakhlecha, Dishant Sanghvi, Rij Eappen, COO and Aashna Sakhlecha, Chief Delight Officer, founded the company in 2021.
“I believe the future of digital marketing will be in leveraging the clout of the everyday social media user, and the company is geared to be a major disruptor in this space. A platform that allows all active social media users to become brand evangelists, and monetise their network, is a game-changer for brands and users. I think they’re going to be a category builder”, said Aman Gupta, Co-Founder & CMO Imagine Marketing. Sanghvi of WYLD added further by saying that, “The possibilities are vast, and needless to mention, we’re very excited to possess a number of the most effective VCs and tech founders within the country who share our vision and have backed us”.
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