Clootrack believes that it is possible to get inside customers' minds. Customers have changing behaviors and needs. Clootrack has helped brands solve this problem.
It announced $4 million Series A funding led by Inventus Capital India. Existing investors Unicorn India Ventures and Salamander Excubator Angel Fund were also included. Additionally, Babu Sivadasan, Jiffy.ai CEO, made an individual investment. Shameel Abdulla, co-founder of the company, told TechCrunch that it raised $4.6 million.
Clootrack, a platform for real-time customer experience analytics, helps brands understand why customers leave or stay. After meeting years ago at Jiffstore (Abulla's second company acquired in 2015), Shameel Abdulla & Subbakrishna Raho founded Clootrack in 2017.
Customer satisfaction metrics such as Net Promoter Score are often used by business-to-consumer brands and consumer brands to understand customer experiences. Abdulla says current methods don't provide the why and are expensive, slow, and error-prone.
He said that customers have increased the number of channels they use to communicate with them, and are expressing their opinions in many places. The word of mouth is now digital and you must master the art of selling online.
Clootrack transforms customer experience data from all first-party and second-party touchpoints (website feedback, chatbots, etc.) into granular, qualitative insights. Brands can now gain qualitative, granular insights into the drivers of their experience. This allows them to stay ahead of rapidly changing trends and gives them a quick overview of key players.
Abdulla cites data showing that customers are the biggest drivers of brand switching. Brands could see a 25% to 95% increase in profits if they can reduce churn by 5%.
The majority of the funding will be used for product development to ensure that data can be gathered from every possible source. His ultimate goal is for the platform to serve all B2C companies.
The company currently works with more than 150 customers in areas such as retail, direct to consumer, banking, auto, travel, and mobile app-based service. The company's revenue is increasing nine times each year. Clootrack is primarily based in India but Clootrack also has offices in the U.S.A and Europe.
Parag Dhol is the managing director of Inventus. He said he knows Abdulla for more than five years. Parag Dhol, managing director of Inventus, said he had considered investing in one of Abdulla's companies but decided against it because his firm was a Series A investor.
Dhol stated that market research in India is urgently needed, as this technology is behind the U.S.
Clootrack's team is very complementary with Shameel, who is a total CEO and serial entrepreneur, and Subbu who is a good at technology. These guys can make a significant impact in the market if they realize the value of unstructured customer feedback data and start to move towards real-time feedback.
