Sokrati had Enough of SaaS Digital marketing agency hives off SaaS-based product business to new entity OnlineSales.ai
Building up Again
Mumbai: Digital marketing agency Sokrati has hived off its SaaS-based product business into a new entity with investors in Sokrati retaining their stake in the new business. The new SaaS-based business which began pilots in April 2016 was launched 2 months ago as OnlineSales.ai and will focus on driving sales for the mid-market segment, specifically for ecommerce.
“We invested in building a separate tech stack altogether as we wanted to go deeper into ecommerce, especially in the global geographies,” said Ashish Mehta, CEO of OnlineSales.ai. The Pune-based company has been working with clients in the US and UK and has also seen interest from the Middle East and South East Asia.
“We are very confident of the English markets and doubling down on US, UK, Canada and, of course, India. Then, there are some ex- Saas-based business began pilots in April 2016 and launched 2 months ago
perimental markets which we want to try out with non-English geographies such as Vietnam, Thailand or Indonesia. Early signals from Brazil is also something we are looking at,” Mehta told ET.
The data-driven performancemarketing and analytics agency was acquired by London-based Dentsu Aegis Network for an undisclosed amount last week. Industry experts pegged the deal to have valued Sokrati between .₹ 500 and 800 crore. The acquisition saw Dentsu acquire the enterprise services business of Sokrati which includes servicing large clients based out of India, including Airtel, eBay, ABOF amongst others. Mehta, who served as CEO of Sokrati, will continue as president, with cofounders Anubhav Sonthalia, Santosh Gannavarapu leading the business for Sokrati under Dentsu.
The eight-year-old company had raised an undisclosed amount in its series-A funding from Inventus Capital in March 2011and about $3 million in its series-B round from IvyCap Ventures in 2015, both of whom made a partial exit through the Dentsu acquisition.
While the investors did not comment on the returns they made through this exit, IvyCap is expected to accrue returns at six to seven times its investment when it exits the entire business including OnlineSales.ai, according to people aware of the financials.
Apart from geographies, the teams also differ across both businesses with about 65 employees under the OnlineSales.ai brand.
Sokrati employs140-150 digital marketing professionals who work on integrated marketing offerings.