NowFloats, a discovery platform which helps businesses get online and find more customers using proprietary auto-SEO technology, on Tuesday said it has closed a Series B funding of $10 million.
The funding has come via Iron Pillar and IIFL (Seed Ventures Fund I & Cash Opportunities Fund), along with Blume Ventures & Omidyar Network, who had invested in Series A as well. The company plans to invest this capital primarily on customer support and engagement and on increasing the value proposition of the technology provided to SMEs, according to a statement here.
NowFloats would now be a hybrid of an automated and human interaction support system. Also, NowFloats plans to enable larger enterprises to leverage automated SEO on top of their existing websites.
With respect to SMEs, NowFloats aims to go beyond discovery by simplifying online and offline transactions. The company would continue to invest in Digital Desh Drive, which has been instrumental in understanding the market, especially in the Tier-2 and Tier-3 cities in India, Neeraj Sabharwal, co-founder, NowFloats, said.
NowFloats offers mobile technology that connects online consumers to local offline businesses. Every three months NowFloats travels across the country to uncover new tech behaviours and smartphone adoption, via its Digital Desh initiative.
At present, the online discovery platform has an instant presence across 230,000+ customers, up to 80 per cent of whom are paid customers across all channels. The platform also registers over 11 million unique visitors a month.
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