SaaS-based startup VTION has raised ₹1.9 crores ($280,000) through AngelList India. Other angel investors that participated in this round included Rahul Khanna of Trifecta Capital, Rajeev Arora of Paramount Wheels and former CEO of Electrolux Ram Ramsundar, among others. The investments in this round came from angels in Stockholm, Dubai, and the US.
The fresh funds will be used to expand its product line in India, recruitment, patent applications in select countries, and taking the product roadmap into adjacent digital areas.
VTION, a media innovation technology firm focused on measurement technologies and advertising marketplace using analytics was founded by Manoj Dawane, along with Rajshree Dave in 2016.
“Broadcast radio and audio streaming are growing leaps and bounds in India. Both verticals are based on advertising revenue as primary contributor as of now. Hence, there is a need to get fair estimates of audiences and listenership, such that advertisers can target their media plans and broadcasters can have sharper programming insights,” said Manoj Dawane, founder, VTION.
Two key VTION products focused on broadcast radio and audio streaming are Radio meter and Audio meter. Radio meter is helping it get insights from all the major broadcast radio stations using its patented technology through real-time data and collective analytics. Audio meter, another patented technology used to analyze consumer behavior and trends across regions, demographics based on the real-time data.
VTION has formally launched its product suite with SDK/application combination along with a real-time analytics dashboard in January 2018. It has been fairly successful in the trials and validations over the past two quarters.
At the moment, SaaS accounts for only about 9% of all the software sales. According to a 2016 report published by Google and Accel Partners, the global SaaS industry is predicted to touch ₹9,804 crores ($132 billion) by 2020, and India will account for about 8% of the global SaaS revenue.
There are expected to be more startups based on SaaS in the future. Presently, Other startup competing with VTION in this domain includes Zapr. It has raised funds from some major investors in the Indian industry.