i2e1 (Information to Every One), which is a Delhi-based startup that offers Wi-Fi analytics service, has secured around ₹19.4 crore ($3 million) in its new funding round.
The funding round was led by Omidyar Network, along with the participation of Auxano Ventures and early stage venture capital firm 3one4 Capital, among others.
In a statement released to the press, the company said:
Using data collected from user sign-ins at brick and mortar establishments, i2e1 creates an analytics intelligence suite similar to Google Analytics, tailored for offline businesses. This strengthens defensibility for offline retailers in comparison to their online counterparts who collate real-time intelligence on their users.
The proceeds of this Series A funding round will be used by the company to scale its existing operations and launch a mobile application. It is also aiming to reach 10 million users across India in the next few years.
Commenting on the investment, Siddharth Nautiyal, investment partner at Omidyar Network, said,
Given the steep growth in smartphones and soaring data consumption, the government’s push towards Digital India, and favourable regulatory changes, i2e1 has the potential to become the de-facto gateway to the internet for millions, empowering offline retailers with rich user insights and smarter decision making.
i2e1 is currently being incubated at IIT Delhi. It had previously raised around $500,000 in seed funding round from GrowX ventures and angel investor Mohandas Pai in December 2015.
The company was founded by Satyam Darmora along with his close associates Nishit Aggarwal, Ashutosh Mishra, Maanas Dwivedi, Gaurav Bansal and Anugrah Adams.
As of April this year, the company’s revenues are more than ₹2 crore. It will be scaling up revenues as it ties up with larger brands.