Getting into customers’ minds is challenging as behaviors and demands change, but Clootrack he believes he has cracked the code to help brands figure out how to do it.
It announced $ 4 million in Series A funds, led by Inventus Capital India, and included existing investors Unicorn India Ventures, IAN Fund, and Salamander Excubator Angel Fund, as well as individual investments from Jiffy.ai CEO Babu Sivadasan. In total, the company raised $ 4.6 million, co-founder Shameel Abdulla told TechCrunch.
Clootrack is a real-time customer experience analytics platform that helps brands understand why customers stay or leave. Shameel Abdulla and Subbakrishna Rao, who come from IT backgrounds, founded the company in 2017 after meeting years earlier at Jiffstore, Abdulla’s second company to be acquired in 2015.
Business-to-consumer and consumer brands often use customer satisfaction metrics like Net Promoter Score to understand customer experience, but Abdulla said current methods do not provide the “why” of those experiences and are slow, expensive. and prone to errors.
“The number of channels has increased, which means that customers are talking to you, expressing their comments and what they think in various places,” he added. “Word of mouth has gone digital, and you basically have to master the art of selling online.”
Clootrack converts customer experience data from all those proprietary and third-party touchpoints (website comments, chat bots, etc.) into granular, qualitative information that gives brands a look at the drivers of the Experience in hours instead of months so they can keep abreast of fast-moving trends.
Abdulla points to data showing the biggest driver of a customer’s rebranding it is the experience they receive. Cast if brands can reduce shakes by 5%, they might be looking for an increase in profit of between 25% and 95%.
Most of the new funding will go towards product development, so that all data aggregations are collected from all possible touchpoints. Its ultimate goal is to be “the single platform for B2C companies”.
Currently, the company works with more than 150 clients in the areas of retail, direct-to-consumer, banking, automotive, travel and mobile-based services. It is growing nine times year over year in revenue. It operates primarily in India, but Clootrack is also incorporating companies in the US and Europe.
Parag Dhol, Managing Director of Inventus, said he has known Abdulla for more than five years. He had sought investment in one of Abdulla’s companies, but had chosen not to do so because his company was a Series A investor.
Dhol said market research needs a review in India, where this type of technology is lagging behind the US.
“Clootrack has a very complementary team with Shameel as a complete CEO in terms of a salesperson and serial entrepreneur who has learned his lessons, and Subbu, who is good at technology,” he added. “As CMOs realize the value of their unstructured data within their own database of customer reviews and move to real-time feedback, these guys could take a toll on the space.”