OOH technology platform BookAdSpace releases angel funding from ad-tech execs
Mumbai, India, January 10, 2013: Mumbai based BookAdSpace.Com, which runs the recently launched BookAdSpace; has released that it has received an undisclosed sum in funding from independent angels Aakrit Vaish and Miten Sampat. The funding announcement comes along with the release of the new improved platform, which is full service cloud based inventory and business management software for out-of-home media owners and agencies. The funds will be used for product development, hiring, sales and marketing. The company has been previously backed by incubator Morpheus as part of their batch 7 that graduated in May 2012.
BookAdSpace was founded in January 2012 by Prayaag Kasundra, who was previously running Simform Solutions Pvt. Ltd., an offshore software services company based in Ahmedabad. “The offline media space is extremely unorganized, media owner are facing lots of difficulties due to that”, says Prayaag, who moved to Mumbai earlier this year. “Mumbai is one of the biggest media markets not only in India, but also the world, so it made sense for us to be here. Now the focus is to get widespread adoption of our offerings across the OOH media community”.
One of the company’s first customers, Shraddha Outdoor, has been using the solution to conduct day to day business operations. “BookAdSpace is a great product. It reduces all hassles for a media owner. It makes our operation easier, faster and more organized. I would really like to see the industry adopting this platform. It would be beneficial to everyone involved”, says Mr U.D. Shah, Proprietor at Shraddha Outdoor and an industry veteran, who is also a consultant to the OOH community at large. “The feedback from Mr Shah and other early customers has been invaluable, and the product is designed around their needs.” says Prayaag.
Investors Aakrit Vaish and Miten Sampat are both from the digital advertising space, with stints in Silicon Valley in the US. Miten is still based there, and sits on multiple committees of the Interactive Advertising Bureau (IAB), while Aakrit moved to India in 2011 to start and run the office here for Flurry, the mobile analytics and advertising company. “Aakrit and Miten both have great experience in the digital advertising domain, and we hope to leverage that to bring the same level of sophistication to the offline media world”, says Prayaag.