News
Paytunes raises $500, 000 pre-series A funding from IAN and CIO
Aiming to further expand its team, mobile advertising platform PayTunes, which provides advertisers and brands with a targeted medium to reach mobile consumers through audio-visual ads, has raised $500,000 in pre-series A funding from Indian Angel Network (IAN) and CIO Angel Network.
The round also saw participation from PayTunes’ existing investor, CIO Angel Network, as well as Apurva Parekh from Pidilite and Sanjay Mehta. It raised $100,000 from CIO Angel Network in September last year.
Founded by Divya Pratap Singh and Rakesh Sehgal in 2015, the advertising platform is operated by New Delhi-based Real Time Networks Pvt. Ltd.
Paytunes plans to utilise the round in expanding the team and hiring more talent on the sales side and for marketing initiatives. At present, PayTunes has a foothold in Delhi-NCR, Uttar Pradesh, Gujarat, Mumbai-Pune, Rajasthan and Bihar regions.
The PayTunes app users could get their mobile ringtones replaced with ad jingles from the advertisers and at the end of the call, a visual for the same ad is also shown. For every ad played, a user earns points which can be redeemed against mobile recharges and bill payments.
PayTunes also provides offers to its users from e-commerce portals.
For advertisers, on the other hand, PayTunes provides a complete ad platform with in-built ad analytics. Advertisers can selectively choose the users they want to target based on geography, demography and other parameters and push their ad from through a single click.
Currently, the company is working with about 25 advertising agencies and also claims to have run campaigns for Nissan Motors, Vodafone, Saavan.com and Amazon, among others.
