PremiumMumbai: Adtech startup Wrap2Earn Technologies has announced the conclusion of its recent funding round with backing from investors based out of India as well as the US.
"We have managed to position ourselves as one of the strongest players in the cab branding space in India and are ready to take advantage of this position. As testament to the immense potential and growing confidence in our venture, we have received funding from investors based out of India as well as the US," said founder & CEO - Elmer Dsilva.
"We will be using the proceeds to grow our current offering more aggressively and launch a new offering in the DOOH (digital out-of-home advertisi) space, which will provide our customers with unparalleled value, flexibility, and speed of execution," Dsilva added.
Wrap2Earn is set to launch its debut into the digital OOH (DOOH) space by October, ahead of the festive season.
Founded in 2017 by Elmer Dsilva & Manuel Fernandes, Mumbai-based Wrap2Earn is a street-level "moving billboard" media platform that connects advertisers with cab drivers to create cost-effective and high-impact, on-vehicle advertising campaigns.
Since its inception, the company has worked with over 55 advertisers to brand over 10,000 cabs across 16 Tier 1 & 2 cities pan India.
For the cost of a single static billboard in key metro cities, advertisers can brand up to 200 cabs for an entire month. The ingenuity lies in how it delivers unparalleled exposure and reach by using branded cabs that drive over 150 km per day. Wrap2Earn also works with clients to execute internal car activation/sampling campaigns thereby taking advantage of the undivided attention of cab passengers during their transit.
"With a YOY revenue & client growth of over 100% since commencing operations in 2017, we used the brief inactive phase during Lockdown 1.0 to further strengthen the analytics we offer with our current offering and build advanced proprietary technology for a DOOH offering that we plan to announce shortly," Dsilva said.
In addition to growing and building this unique market share in India, the company is also actively exploring strategic partnerships to launch its offering abroad.
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