India-based “hyperlocal marketing-to-commerce” firm SingleInterface raised $40 million in new funding.
The funding round was led by Asia Partners, with participation by PayPal Ventures, according to a Thursday (April 4) press release.
Founded by entrepreneurs Tarun Sobhani and Harish Bahl, the company works with brands in India, Southeast Asia and the Middle East to help them manage the digital presence of their brick-and-mortar stores, the release said.
“With more than 400 million local businesses worldwide, SingleInterface has immense untapped potential in the global market,” Bahl said in the release. “With this funding, we are poised to tap into new markets and further solidify our position as a global leader in enabling marketing and commerce capabilities for multi-location enterprise brands through our product suite.”
The company will use the new funding to deepen its suite of hyperlocal marketing, engagement and commerce products, especially around “advanced audience segmentation and personalized re-engagement,” according to the release.
“The expectation for personalization has become the norm,” PYMNTS wrote earlier this year. “This shift in consumer behavior implies that certain merchants must enhance their capabilities to effectively cater to the unique needs of individual customers.”
PYMNTS Intelligence found that customizing offers according to a consumer’s needs and interests can up their likelihood of switching merchants twofold. Personalized offers can compel consumers to deviate from their routines and turn their attention to new merchants, especially for the sake of the offer.
The research showed that 24% of people think personalization is extremely important when they check out an offer. This figure climbs to 36% for consumers who feel like stores aren’t tailoring their offers well. So, to reach potential customers of all types, it’s vital to make sure the data helping drive personalized offers is on target.
PayPal Venture’s support for SingleInterface follows several other recent investments. Last month, it took part in a $47 million funding round for Malaysia-based Qoala to help it expand its embedded insurance business across Southeast Asia.
Also in March, PayPal Ventures took part in a $24 million Series B round for NX Technologies to help that company expand its digital payment management platform for the automotive industry.
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