Text Mercato, a Bangalore-based cataloging and content technology company, has received a total investment of US $2.6M (INR 20 Cr) in Pre-Series A funding round led by 1Crowd, Mount Judi Ventures and US-based Innospark Ventures. The company had previously raised over US $1M bringing the total raise to US $4M as of date. The round also saw participation from Modulor Capital, Tremis Capital, ah! Ventures and other well-known angels.
Founded by Kiran Ramakrishna and Subhajit Mukherjee, Text Mercato's product Cataloging.ai powers cataloging automation (product listing automation) and content creation via a suite of AI products addressing data sourcing and management, photo sourcing and automation, text recognition, text generation, and translation at scale for online marketplaces, brands, and sellers.
“While companies tend to build their products around a singular issue such as the image, text, translation, or other solutions, the focus of our product is to do this end-to-end, sans four-five vendors. Our solution provides seamless integration, speed, quality, and cost efficiency for our clients,” says Kiran Ramakrishna, Founder Text Mercato.
Shoaib Ahmed, general partner at MJV and former president of Tally says “The burgeoning growth of e-commerce in India, coupled with the Direct-to-Consumer boom underscore a massive potential for the Text Mercato suite of products. Further, their upcoming Do-It-Yourself platform, sector agnostic offering & anytime-anywhere deployment across geographies opens doors for significant global expansion”
The capital raised will be used invested in technology in enhancing automation capabilities and category coverage, as well as launch of an exciting DIY (Do-it-Yourself) platform named Rubick.ai, that will support end-to-end cataloging for small and medium brands," stated Subhajit Mukherjee, Founder, Text Mercato.
The company's other focus is to expand its footprint in international markets and strengthen its position in India. About 16% of the company's revenue come from global markets, including the US, UAE, and France, and this international share is slated to jump to 30%+ in FY22-23.