Digital marketing and advertising startup Vertoz has announced its acquisition of a minority stake of 1.82% in marketing automation startup Cheerio. The investment aims to leverage the synergies between the two companies and strengthen Vertoz’s position in the marketing and advertising technology industry.
Vertoz, founded in 2012 by Ashish Shah and Hiren Shah, specializes in delivering data-driven targeted campaigns to help businesses achieve optimal outcomes in the digital marketing space. With its headquarters in Mumbai, India, and an additional presence in New York, the company operates globally.
Hiren Shah, Vertoz’s whole-time director and founder, expressed enthusiasm about the partnership with Cheerio, stating that it will enhance their capabilities in marketing automation and solidify their leadership position in the industry. The Vertoz leadership team recognizes the potential in Cheerio’s technology and the expertise of its team.
As part of the deal, Vertoz will gain access to Cheerio’s marketing automation technologies, enabling the optimization of advertising campaigns, enhanced consumer segmentation, and the delivery of personalized content across multiple channels at scale.
Cheerio, established in 2021, assists ecommerce businesses in increasing repeat revenue by enabling remarketing efforts through email, SMS, and WhatsApp.
The investment by Vertoz opens up new growth opportunities and validates the power of Cheerio’s marketing automation platform, according to Cheerio founders Nishant Das and Rishabh Jindel.
The marketing and advertising industry is experiencing significant growth, with technology playing a crucial role in driving this expansion. Companies like Meesho, Flipkart, and Mamaearth have made substantial investments in advertising, spending billions of rupees on promotional campaigns. Ecommerce platforms such as Snapdeal, Lenskart, Cars24, and Spinny have also allocated significant budgets to advertising in recent years.
In April, meme marketing startup Wubba Lubba Dub Dub (WLDD) raised $1.25 million in funding to accelerate its growth in the industry.
