Community monetisation platform Convosight has raised Rs 37 crore or $4.6 million in a pre-Series B round co-led by IvyCap Ventures and Qualgro Venture Capital. This is the first funding round of the Delhi-based company in 2022.
The board at Convosight has passed a special resolution to issue 100 equity shares and 30,315 pre-Series B compulsory convertible preference shares (CCPS) at an issue price of Rs 12,175.92 per share to raise Rs 37 crore or $4.6 million, the company’s regulatory filing with the Registrar of Companies (RoC) shows.
IvyCap Ventures and Qualgro Venture Capital co-led the funding round with Rs 16.46 crore each while Twenty Nine Capital invested Rs 4.11 crore. The company may receive more funds in this round.
Led by Tamanna Dhamija, Tarun Dhamija and Kartik Bansal, Convosight uses data analytics and machine learning to help admins and brands to create, moderate, grow and monetise their communities on Facebook, Reddit, Telegram and Slack.
According to the company’s website, more than 150 brands have worked with over 100K communities. It claims to have paid out more than $2 million to community creators to date. Brands like Reckitt, Procter & Gamble, Nestle, Abbott and ITC leverage Convosight to drive customer engagement through community marketing.
As per Fintrackr’s estimates the company has been valued at around Rs 335 crore (post-allotment). Convosight has raised around $19.6 million to date including a $9 million Series A round in June 2021.
While Convosight is yet to disclose its financial numbers for FY22, it registered an operating revenue of Rs 9.55 crore during FY21. As per its annual financial statements with the RoC, the company’s losses stood at Rs 7.38 crore during FY21.