Mumbai-based digital and social media agency SocioSquare, a division of AKG Technologies Inc., has raised $325,000 (Rs 2.2 crore) in angel funding from Dr. David Bell, a Wharton School professor and seed investor, along with a few unnamed angel investors from the US, the UK and Turkey, reports TechCircle.
The round was led by Bell and the raised capital would be primarily used for launching new social advertising products. The agency that already has angel investors like Ross Group, Bimohit Bawa, Jie Dong, Manish Singh, Karthik Hosanagar and Peter. F. Gardner is building one of the products on top of Facebook’s ads API. The product is said to be rolling out by next month and by the year end it will be marketed to the global audience.
Gaurav Mendiratta, founder and CEO, SocioSquare expressed that today the medium is repeatedly being questioned on the return of investments on social ads. Even the content that is being shared is not gaining better reach hence the products that would be introduced will try solving the problems, is Gaurav’s belief.
SocioSquare provides all the major services like any other fully fledged agency would do today and has offices in Mumbai and Delhi. The company’s clientele includes the likes of ET Travel, Zee Khana Khazana, Ditto TV, The Mobile Store, etc.
The parent company AKG Technologies is headquartered in Philadelphia, US and the Indian subsidiary AKG Media Pvt Ltd. consists of two businesses—SocioSquare and NyooTV. The video-on-demand platform, NyooTV was founded in 2009 and it provides free content on the web and mobile. The wide content spectrum ranges from movies, TV shows, etc. aggregated from across producers including Shemaroo Entertainment, ENCORE International, EROS International, etc.
The move builds confidence in the already growing market. Last month we saw Indian bred multinational digital agency Gozoop announcing the acquisition of Red Digital, one of India’s popular social media agencies. Prior to that mobile marketing arm of HT Media, HT Mobile Solutions acquired Webitude, a social media organization based in Gurgaon, for an undisclosed amount. This trend has been seen from early 2013 and is growing.
It would be interesting to see the products that SocioSquare wishes to launch since it wishes to give better reach and value for social media ads. I am curious with its promise to give better reach to marketers for Facebook platform. Wonder if the agency is planning to compete with Crowdnub, a social media marketing app that simplifies the process of building apps and managing campaigns including running ads for your social networks.