Friday, 9 August 2024, Bengaluru, India
NuvoRetail is an e-commerce marketing and analytics startup that provides e-commerce solutions across various platforms. The startup secured 350k USD in its fresh funding round led by several investors. This company plans to use these fresh proceeds to scale its operations, expand its market presence, enhance its platform for better user experience, and expand itsservices. The firm will mainly use this investment to develop its AI/ML-driven e-commerce platform Enlytical.ai for e-commerce bid automation, reporting, and insights.
The startup offers a platform to manage multiple e-commerce platforms across different key performance indicators such as sales, portfolio, supply chain management, marketing, pricing, and more. The brand specializes in providing brands with a deep understanding of their business and product performance. The startup claims to have a platform with an artificial intelligence-based media spending optimization engine that uses advanced and cutting-edge AI algorithms to analyze the performance and optimize the budget allocation accordingly. The startup mentioned that this minimized wasteful spending enables them to offer a higher return on investment. This also allows the companies to increase their audience engagement based on retail readiness signals. The e-commerce startup plans to expand its market presence and solidify its digital presence worldwide.
The company offers marketing services to customers and assists them in promoting their products and maximizing sales on Flipkart, Myntra, Amazon, and more. The platform also provides customized solutions to make the brand stand out in the e-commerce ecosystem. The company also offers e-commerce consulting with detailed workshops on new brand launches, existing portfolio expansion, and more. The platform has both on-platform and off-platform marketing with account management for maintaining online reputation management. The platform also provides customer sentiment analysis based on real-time data. NuvoRetail faces competition from other e-commerce marketing platforms including Domain Bharat, Concent, and Agora PH.
The development came just after the e-commerce advertising sector gained interest from investors. This investment shows the trust of investors in NuvoRetail’s market potential and business model. This funding amount will enable the startup to strengthen its position in the advertising and e-commerce market. The company aims to ensure data-based strategic mechanisms that are optimized to provide the most profit while adding value to the brand. The startup wants to revolutionize the e-commerce advertising ecosystem and introduce more efficient ways to promote brands while making high returns on investment.
Conclusion:
E-commerce advertising company NuvoRetail secured USD 350k in its fresh funding round from its existing investor. The company intends to use these fresh proceeds to scale its marketplace, develop its brand presence, enhance its platform for better user experience, and expand its service. The platform provides marketing services and allows companies to promote their services and increase their sales. The digital platform claims to use cutting-edge AI algorithms to analyze the performance of brands. The company uses the data to optimize the budget allocation by reducing unnecessary spending and offering higher returns on investment. NuvoRetail competes with other companies in the same segment including Concent, Domain Bharat, and Agora PH.
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