Bessemer, SIG lead Series B for India's Entropik
Bessemer Venture Partners and SIG Venture Capital have led a USD 25m Series B round for Indian marketing research platform Entropik.
Trifecta Capital, Alteria Capital, and Centre for Innovation Incubation and Entrepreneurship (CIIE) joined the round, with the latter investing via its Bharat Innovation Fund.
CIIE acquired a 20.6% stake in the company as part of an approximately USD 8.2m Series A in 2020. That round saw Falcon Edge, now Alpha Wave Global, take 12.5%. Funding since the company’s inception in 2016 is about USD 35m, with other early investors including Parampara Capital.
Entropik uses artificial intelligence to support research, marketing, and product teams. The idea is to help them develop more continuous, collaborative, agile, and scalable ways to capture user feedback by democratising research and insights data across the organization.
The company caters to more than 150 clients in sectors such as telecom, financial services, media and entertainment, and consumer. It has a business presence across North Amercia, Europe, the Middle East, and Asia, as well as 17 global patents in multi-modal emotion AI technologies like facial coding, eye tracking, and voice AI.
“We believe the strength of the platform lies in its multi-modal, cross-functional capabilities,” Anant Puri, a partner at Bessemer, said in a statement.
Entropik claims to have grown about 7x in the past two years, with much of the momentum coming from its global expansion. It also cited greater corporate interest in understanding consumer preference and behaviour, as well as concerns about failing to deliver meaningful experiences to consumers in a competitive landscape of fast-evolving brands.
"Entropik provides a faster and cheaper alternative for businesses to interact and understand customer feedback,” Bhavanipratap Rana, an investment advisor to SIG, added. “In an increasingly digital world, consumer and user insights become core to businesses' success in cultivating a loyal customer base.”
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