A SaaS marketplace platform, Oi Media has raised undisclosed amount in a Seed round from early stage VC fund, Quarizon. Founded as an Experiential Media agency in 2015, Oi media quickly pivoted to a SaaS platform for stakeholders in the media industry. The start-up aims to connect media sellers and buyers to discover, plan and transact in a transparent, accountable and efficient environment. Alok Kumar Goel, Principal Advisor at Quarizon will join the board and provide strategic mentorship to the startup.
In the recent years, the media industry has observed growth at a very fast pace. As per an industry report, the Asia-Pacific advertising market grew by 5.3 per cent this year to $148 billion. While digital has already replaced half of the traditional media, Out-of-Home advertising is the only advertising medium that remains unaffected by the Internet. It’s the only ad medium outside of the Internet that’s shown consistent growth since 2008 and the only one expected to show year-to-year growth over the next five years. Eying this addressable market of $13 Bn, serial entrepreneur Praphul Mishra, founded Oi Media to bridge the gap between media sellers and buyers by creating a standardized marketplace for an unorganised industry.
Commenting on the funding by Quarizon, Mr. Praphul Misra, the founder of Oi Media said, “Oi Media significantly increases the ease of doing business among various stakeholders in the media industry. We are really grateful and excited to have Quarizon on board who have an engaged set of professionals who add value right from the time of initial discussions to regular on-going reviews. As an immediate step, we would be launching a host of value-added services in ‘audience measurement’ and analytics”.
Out-of-Home (OOH) advertising has revolutionized the way outdoor communication is being looked upon by marketers and, today, it has transcended the traditional outdoors, extending to communicate with the customer at various ‘touch points’. While it has made our lives easy, still sellers and buyers of OOH media have to go through several ‘connections’ to discover and transact with each other, and yet they have concerns related to trust and efficiency. While the sellers want to increase their visibility and access to buyers (Brands and their Agencies), while maximizing price and capacity utilization; buyers seek visibility and access of all relevant media options and service providers in a hassle-free, transparent, accountable and efficient environment.
To overcome all these hurdles and to conquer all these inabilities, Oi media is offering a proprietary technology enabled platform backed by quantifiable and measurable metrics, to Media Space Owners (reseller/ aggregators), Intermediate Services Providers Agencies, and Advertisers. The key benefit of its technology is by way of reduced time cycles at each stage of business, due to quick access to stored information and easy to use templates covering all the stages from enquiry to billing. In an unorganized sector like OOH media, Oi Media aims to expand the market for the suppliers while enabling agencies and clients to evaluate inventories on a pan India level in a very short time frame.
Speaking on the announcement, Mr. Aditya Gupta, Chairman at Quarizon said, “The industry space for Out-Of-Home media holds potential for enormous growth with the infusion of technology. Praphul brings with him a vast experience of handling situations in the startup & media space and this will definitely help the company in scaling up faster. Oi Media has a unique concept and we at Quarizon look forward to their growth by extending our long term support to them.”
The Start-up has recently gained traction among the Outdoor media owner/ seller community and established proof of concept with the ambient space owners, for whom monetizing footfalls is a fast growing, non-operating revenue.
Image : Praphul Misra, the founder of Oi Media