Hyderabad: Traditionally businesses have depended on old-school marketing techniques like print ads and more recently digital ads either through mobile apps or via social media. However, the last five years has seen a spurt of sales and marketing happening through chat bots. While Facebook was one of the pioneers in this field globally, Gurgoan-based startup Morph.ai is changing the scenario in the space of chat bot for marketing.
Started in 2015, Morph.ai entered started off as a text automation company wherein it would help enterprises automate textual interaction with their clients and customers.
However, it later realised that there is a need for automation of interaction and just getting feedbacks through emails and forms is not working for corporates. There were a lot of inefficiencies in marketing with almost 96 per cent of the customers accessing the website do not fill in the feedback form. And this could be solved through chat bots that offer a personalised and real-time interaction with the customer.
Keeping all this in mind, Pratik Jain, Vipul Garg, Niyati Agarwal and Abhishek Gupta got together and founded Morph.ai.
“We have developed efficiencies on how to reach out to a person and ask questions about the customer needs and not just sell the product. Businesses have had 20 per cent growth in leads with usage of our chat bots. At Morph.ai we believe that chat is the perfect channel of interaction between businesses and customers and it will emerge as the strongest medium for marketing and selling products and services,” said Jain, co-founder, Morph.ai.
One of the unique selling points of Morph.ai, according to Jain, is the personalisation of the chat bot that they offer to enterprises. This enables brands to be more connected to their customers and thus works best for marketing their products. Although, most of the core technology is same for any sector, the company does customisation as and when required by the enterprises.
“We have so far worked with 22 brands in India and globally and they are largely from the banking and financial services sector. We have clients from five countries globally and we are eyeing clients in a bunch of geographies like London and others,” Jain said.
In terms of funding, the company is looking at raising a Pre-Series A round, Jain said without disclosing the amount they are looking for. Meanwhile, in terms of revenue, Morph.ai clocked a revenue of $100,000 last year and plans to close the coming year with a revenue of $500,000. The startup is associated with the HSBC and T-Hub accelerator 2030 programme and has started working with the bank one month ago to build chat bots for them.