BOSTON and MUMBAI, India, Oct. 21, 2021 /CNW/ -- Following close on the heels of its US operations launch in September 2021, SaaS Startup ProfitWheel recently announced securing a total capital raise of USD 3 million. 50% of the total investment amount was acquired from Netcore Cloud, a leading acquisition, engagement and retention company and ProfitWheel co-founder, Vivek Bhargava. The remaining 50% of ProfitWheel's investment is from over 15 respected Indian business leaders who have invested the remaining sum as an angel investment. ProfitWheel had also recently brought in Nielsen's Aman Khanna and Gautam Mehra as Co-Founders.
Aman Khanna, Co-founder ProfitWheel, stated, "ProfitWheel has been conceptualised as a global SaaS product company with the dream to become a multi-billion dollar enterprise. Our aim is to deliver more profit to our customers – by way of providing more intelligence on how to best engage with their existing or new customers. We will continue to disrupt the adtech world by creating products that will delight the ecosystem and change the way that advertising is perceived. We are very fortunate and excited to have such respected industry leaders backing the company on the next phase of our journey."
Rajesh Jain, Founder & MD, Netcore Cloud, said, "I have been associated with Vivek Bhargava for more than a decade and have been deeply involved in ProfitWheel's journey from its inception. As marketers enter a cookieless era, there is a dire need to look at newer technologies to engage with their customers effectively. ProfitWheel solves these challenges for brands by utilizing first-party data in a privacy-compliant manner. The company is laying the foundation for a future where D2C companies drive exponential forever profitable growth. I am excited by this unique offering and the leadership team's strengths and happy to support the business."
ProfitWheel is a new-age distribution, customer data-led commerce company. The company builds products that provide marketing intelligence to brands across marketplaces, online storefronts, and influencer commerce. ProfitWheel's platform can help brands identify and procure new high-value customers whilst utilizing their existing customer base. ProfitWheel was founded in 2020 and currently powers multiple direct-to-consumer brands globally in its beta phase. With the new USD 3 Mn investment, the company is poised to fill the need gaps created by the latest changes in the ad tech ecosystem.
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