Adicube, an on demand influencer marketing platform today announced its pre-seed funding raise of Rs. 12 crore led by Pitcherlabs Ventures and a clutch of angels, including Chandrahas Panigrahi, Founder Edukemy, Ashish Padiyar and Brijesh Damodaran, Founders, Auxano Capital, amongst others. Rahul Khandelwal at Felix Advisory acted as the financial advisor to the transaction. Adicube will use the capital to continue investing in its platform, and for business development.
The rise and impact of influencers has defined the online social landscape in recent times and has become an important part of the marketing mix for brands. India’s influencer market is expected to grow at a compound annual growth rate (CAGR) of 25% till 2025 to reach a size of Rs 2,200 crore, according to GroupM INCA’s India Influencer Marketing Report. Further, 100% of marketing leaders have agreed that influencer marketing was a top priority for their marketing calendar for 2021. Nearly two-thirds of the Indian population follow an influencer.
Adicube is tapping into this influencer juggernaut, and its platform allows influencers to meet brands and vice versa. Adicube helps brands not only find the right influencers but also helps them formulate their influencer strategy and curate the right set of influencers for their campaigns. Adicube offers complete transparency in costs, by revealing their margins. It currently gives brands access to 5000+ verified registered influencer profiles from pan India with 100% verified costs. Adicube’s platform has been accessed by brands including Groww, Unacademy, Fampay, Edukemy, CoinSwitch Kuber, among others to reach millions of consumers in an engaging and meaningful way.
Adicube is founded by Sreetam Panda in May 2021 with the vision to deliver a seamless and transparent influencer engagement experience to brands, in an industry that continues to be unorganized and opaque, despite the demand and high growth. It raised it’s first tranche of pre-seed within an unprecedented five months into operations and has strong traction and momentum today.
“It is evident that influencers and influencer marketing are here to stay. In the wake of COVID-19 and the corresponding changes in consumer buying behavior, consumer engagement with influencers has increased exponentially. As a result, brands are investing more in them to stay relevant. Our tech platform provides a delicious cocktail of artististic creativity and personal attention to brands at negligible margins and to influencers a platform that offers them ready demand for their expertise. With this funding we are looking to double down on our growth to emerge as the go to platform for both influencers and brands”, said Sreetam Panda, Founder and CEO, Adicube. “Adicube’s AI powered technology platform brings in complete transparency in costs. Brands can book influencers in their content spaces and reach millions of Indian consumers with complete ease. The process is simple, akin to ordering food online, backed by APIs which provide complete data of the Influencer”, he added.
“With the pandemic giving a boost to digital adoption, brands are increasingly seeking to harness the power of the very long tail of influencers to help drive awareness and influence purchase activity. Adicube’s platform is purpose-built to support brands in these efforts with complete transparency. We are very excited to partner with Sreetam and his team for their next phase of growth”, said Rahul Singh, Founder, Pitcherlabs Ventures.
