Synup raises $6M from Vertex Ventures and existing investors

Doris Richards
September 26, 2017

Bengaluru-based Synup, which offers SaaS-based solutions that help businesses manage their online presence, has raised about ₹40 crore in a Series A round.

Vertex Ventures led the financing round with Synup's existing investor Prime Venture Partners participating.

Synup's founder Ashwin Ramesh is a serial entrepreneur having started his first business when he was still in high school.

Synup caters to local businesses in the U.S. and Canada and helps track and manage their business profile online while providing them with marketing insights. It offers a complete local marketing solution that allows businesses to manage their location data, presence, reputation and analytics.

"We are happy to continue our association with Synup because we truly feel it is the only global Saas player that has emerged out of India". The product is not restricted by geography and is sector agnostic, which means it has huge scaling opportunity. "Their strong early customer traction is a testament to the efficacy of their approach to address this massive market opportunity", said Ben Mathias, managing partner, Vertex Ventures.

The company was founded by Ramesh in 2013.

When he launched Synup in 2014 he got an investment from Prime Venture to the tune of Rs 3 crore. The company said in a statement that it will expand into Europe and United Kingdom by mid - 2018. There is an undisputed need for an automated marketing solution for millions of local businesses across the globe. Synup also provides a white-label program and training for marketing agencies.

According to a Harvard Business Review, a one point increase in star rating improves business inflow by nearly 3 percent. It also tracks business profiles and monitors interactions to provide automated marketing solutions to help businesses control their digital assets, monitor customer feedback, improve online presence, and get real-time insights. The company is bullish on its growth as out of the total 28 million local businesses in the US, only about a million (3.57%), use automated location-marketing services like Synup. It is now focusing on automating local marketing for SMEs and small stores. There are over 28 million small businesses and only about 1 million use online marketing. Their existing merchant subscribers are mostly from the US. "India does not feature in the top 10", Ramesh said.

Acharya of Prime Ventures adds that some encouraging signs have started to show in India. "I would say it will take another 2-3 years for Indian local businesses to take online marketing seriously", he said.

Other reports by Iphone Fresh

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