PayTunes raises $500,000 to expand rewarded mobile advertising features
PayTunes, the mobile ad platform based in Delhi, raised $500,000 in a pre-series A led by CIO Angel Network and Indian Angel Network. As part of the deal, Indian Angel Network’s Vishal Khare and Rajeev Arora will join PayTunes’ board to mentor the team.
PayTunes provides a rewarded consumer app that replaces a mobile’s ringtone with an advertising jingle in exchange for points that can be redeemed for charges i.e. users can make free calls. In addition, PayTunes offers its advertising clients a digital platform that integrates ad analytics and lets marketers target users based on location, demographics and other parameters.
PayTunes advertiser platform
Vishal Khare, Director Enterprise Sales, Citrix Systems and Member of the Indian Angel Network, explains:
“Currently most of the branding spend (~80% of INR 50K Cr Market) goes in traditional media such as TV, Radio and Print. Paytunes is building an alternate medium in the branding domain, which still manages the biggest chunk of advertising spend (~80%). While most of the consumption is offline, all these mediums are trying to move to mobile to improve user engagement. It presents a great opportunity for brands to reach mobile consumers extensively with the traditional audio-visual ad in its very own digital way.”
PayTunes is planning to use the investment to expand its team and hire additional sales and marketing staff. It further wants to integrate an ads on caller-tune feature which may increase the platform’s reach and ultimately drive ROI for advertisers.
According to PayTunes, its app has been downloaded 400,000 times in India. In November 2015, the company raised an undisclosed sum from CIO Angel Network.
Divya Pratap Singh, Co-Founder and CEO, PayTunes, adds:
“Conventional mediums like TV and Radio lack control in terms of targeting campaigns to their target users and exposure of the ad. We are giving an entirely different and fresh method of mobile advertising, other than static banner ads, which are already in practice. We use the traditional audio ad which is broadcasted to a user on mobile on the incoming call which is then combined with graphic ad to complete the audio-visual effect on the user. This makes PayTunes the only mass medium apart from YouTube with a reach of more than 2 Mn users daily through our audio-visual offering on mobile.”