Indore-based viral content marketing platform, WittyFeed has raised an undisclosed amount of funding in a Pre-Series-A round. The investment is led by Anand Chandrasekaran, Apurva Chamaria and Ritesh Malik, along with other investors.
The company will deploy funds to strengthen its technology infrastructure, enhance distribution, as well as augment product portfolio, Wittyfeed said in a statement.
A part of proceeds will also be used for expansion of sales team to dive deep into the content-driven platforms and video making for brands, while exploring other domains for which WittyFeed has developed marketing platforms.
Ashish Toshniwal, Ajeet Khurana, Aneil Mahajan, Piyush Goel and Harsh Mani Tripathi also participated in the round.
“WittyFeed is on path to become the world’s largest viral content marketing platform where brands share their stories with consumers and the distribution is taken care of by WittyFeed’s AI driven platform,” said Vinay Singhal, CEO & Co-Founder, WittyFeed.
WittyFeed was founded in September 2014 by Vinay Singhal, Shashank Vaishnav and Parveen Singhal from a hostel room in Chennai. It claims to have 250 million page views on a monthly basis with audience reach of more than one billion. The company has 80 million unique readers and 160 million video views every month.
WittyFeed is eyeing to expand further in the US market as it contributes 30 per cent of company’s traffic. WityFeed recently hit an all-time Alexa rating of 17 globally. Some of the brands which leveraged WittyFeed’s viral capabilities are Zee Network, Tinder, Panasonic, Coke, JIO amongst several others.
According to a Group M report, advertising spent on digital media channels is expected to grow 30 per cent to Rs 9,490 crore in 2017. With advertising spends shifting more and more to social and digital mediums, especially towards content and videos, WittyFeed is uniquely placed to gather interest from brands and their custodians.