Delhi-based PayTunes, a mobile advertising platform on Android, has announced today that it has raised undisclosed amount of funding CIO Angel Network (CAN). Sanjay Mehta and Anoop Mathur have led the round with other members from CAN.
Founded this year by Divya Pratap Singh, Rakesh Sehgal and Gaurav Tiwari, Paytunes is an android only application which incentivizes its users on every received call. It replaces the boring old ringtones of your phone with ad-jingles. Users can later redeem their collected rewards through free recharges and bill payments
Singh and Sehgal were batchmates from IIT Delhi, while Tiwari comes with an experience in business development across domains of FMCG and IT. They have had entrepreneurial stints earlier as well with their respective start-ups
PayTunes claims to have more than 10,000 users in just 14 days of its launch. The company aims to reach a user base of 1 lac consumers by the year-end. The company is in talks with some big brands to provide solutions for their internal branding as well in form of branding tunes as ringtones on the phones of their entire field staff networks.
"Mobile advertising is currently the hottest area in Advertising industry and brands are looking at newer innovative ways to reach the mobiles of their consumers. Most of the digital advertising avenues have for long focused only on in-app and website banner ads. This audio based ad delivery model is disruptive and holds global potential," said Sanjay Mehta, lead investor in PayTunes
As per a recent e-Marketer report, digital advertising spend in India is USD 0.94 billion out of which mobile advertising spend is USD 0.17 billion. By 2019 the digital ad spend is expected to grow to $ 2.17 billion out of which mobile is expected to contribute $1.23 billion.
Yesterday, another mobile advertising platform Pokkt had raised close to $5 million from Singapore-based venture capital firm Segnel Venture. India has few home-grown mobile advertising platforms like Inmobi, Komli and Adiquity, among others, that making their marks equally in comparison to global companies.
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