India-based data intelligence startup Tookitaki has raised $1 million seed funding, in a round led by Singapore’s Jungle Ventures. The round was joined by Japan- Singapore based Rebright Partners and existing investor Blume Ventures.
The company, headquartered in Singapore, will use the funds to extend product R&D, expand operations in South East Asia, Japan, Australia and New Zealand, Japan markets for SaaS (software as a service) platform.
Tookitaki, a social targeting and ad optimisation platform, started by Abhishek Chatterjee and Jeeta Bandhopadhyay in 2013, had raised funds thrice prior to this round of funding.
The previous round was in July when it raised $200,000 from a group of investors including Blume Ventures, India Internet Group, Harvard Angels and Centre for Innovation Incubation and Entrepreneurship (CIIE) Ahmadabad.
Jungle Ventures, which is currently raising its second investment vehicle and seeking to tap opportunities in the fast growing tech and consumer sector in the region, has led funding and expansion rounds of several India based marketing and analytics ventures including, Pokkt, Zipdial, Mobikon and CrayonData.
Tookitaki says it has been building a consumer insights platform that answers key decisions related to product sales, market share, customer growth, relevant consumer behavior for an enterprise. The company added that its clientele spans across e-commerce, travel, classifieds, automobiles and consumer goods.
Tookitaki had won the Facebook Ads API Hackathon in October 2013.
“We started as an ad tech platform, where we used predictive models on publicly available data to detect attribute that drive consumers to make purchase from paid ads on social and digital,” said, Tookitaki founder and chief executive Abhishek Chatterjee.
He added, “In course of time, we realised that public content is one such data set to build 360 degree consumer behavior mapping; hence the evolution to multi datasets to forecast time-based consumer insights impacting marketing, sales and operations of an enterprise”.
Jungle Venture’s is among the youngest VC firms in Singapore and its portfolio now includes 25 startups from five sectors and seven countries across South-east Asia and the US.
Prior to Tookitaki, Jungle’s most recent India linked investment was in November 2014, when it led a $400,000 funding round in Bangalore-based Scrollback, a startup building free open-source chat platform for online communities
“We are excited about the potential of Tookitaki’s offering in the marketing & data analytics space. Consumer behavior forecasting is important in responding to strategic and tactical business decisions especially in marketing and sales where enterprises are always looking for new technology to help them better target and engage their customers. Tookitaki has a strong technology proposition and we look forward to helping them rapidly expand their market footprint across other markets” said Amit Anand, managing partner, Jungle Ventures
In 2013, Tookitaki had reportedly raised seed funding twice. It first raised around Rs 12 lac from from Srijan Capital; Aakrit Vaish, director of Flurry Inc; Miten Sampat, VP (product strategy) at Neustar; Anuj Pulstya, member of the Indian Angel Network; Maneesh Bhandari, investor director at Framebench; Anand Ladsariya, owner of Everest Flavours, and Nitin Agarwal, owner of NM Fashions, according to a report in DealCurry.
In April the same year, it raised additional funding from Anirudh Suri, Ravi Gururaj and Ramesh Kumar Shah at Startup Roots, an initiative under the Nasscom 10,000 Startups programme, the DealCurry report added.