Mumbai-based Wondrlab, a marketing-technology agency, has acquired its second influencer marketing platform OPA. The company, which has raised $13 million from investors, said this is its sixth acquisition and second in the influencer marketing sector. The acquisition will expand its offerings and role in the creator economy. OPA, it said, works with about 300,000 influencers across companies like beauty businesses Nykaa, Purplle, Sugar, and Plum and clothing company Vero Moda, among others. The company handles 40,000 influencer campaigns each month using its technology to simplify the process for large campaigns.
Wondrlab was founded by Saurabh Varma, who is its CEO. Prior to launching this in 2020, Varma had extensive experience in marketing and advertising, having worked in leadership roles at companies like Leo Burnett and Publicis Communications. With this acquisition, Wondrlab, through OPA and its existing influencer marketing company, Opportune, aims to become a consolidated player in the influencer marketing industry.
“We hope to supercharge our influencer offering. We remain extremely bullish about the creator economy and believe that mid-funnel and driving engagement will be critical for every brand,” said Varma. Mid-funnel marketing focuses on engaging potential customers who are considering a brand but are not yet ready to buy.
Global reach
The marketing tech agency also acquired What’s Your Problem (WYP) and Opportune to enhance its digital services. Its other more recent acquisition was WebTalk, a marketing agency in Poland, to expand internationally. It will also establish offices in Vietnam, the US, and West Asia.
Varma had told Mint earlier that the company would look at an aggressive expansion strategy with plans for about 25 acquisitions in the next three years.
The company invests in technology, particularly artificial intelligence, to improve client services and operational efficiency. Its platform, Hector, assists brands in managing their expenditure on e-commerce sites like Amazon and Flipkart. Wondrlab has secured over $13 million in funding and plans to raise additional capital to support its expansion. Varma aims to build a technology-based marketing network that meets the needs of its clients.
Influencer marketing will become increasingly important for brands. It helps build trust and reach people effectively because followers often trust micro and small influencers more than celebrities. Data suggests that influencers can drive 6-7 times more purchases and at a lower cost compared to traditional production methods or through celebrities, he said.
“Larger brands often struggle with engaging people at different stages and miss opportunities in the middle phase of marketing. On the other hand, direct-to-consumer brands excel at engaging prospects and converting them but still need influencer marketing to build awareness at the top of the funnel. So both types of companies need this service,” Varma added.
Raising tech edge
In the past, he said, legacy ad agency networks had been created by acquiring creative and media agencies. Today, modern marketing technology networks will be built by using new tools and competencies like these. “We have a great tech stack and we will keep adding more influencer platforms wherever needed,” he added.
Rupansh Goyal, co-founder of OPA, added, “Wondrlab is a team of heavy hitters in the marketing landscape. We are incredibly excited to join forces with them.” Chandan Routray is the company’s other co-founder.
In February this year, GroupM reported that digital media advertising is set to grow by 13% in 2024, reaching ₹88,502 crore and accounting for 57% of total ad spending. The report also projected that overall advertising expenditure in India will grow by 10.2%, slightly lower than the 11.3% growth seen last year. Despite the slower pace, India will remain one of the fastest-growing ad markets globally.
GroupM’s annual forecast, titled ‘This Year Next Year,’ estimated that total ad spending will increase by ₹14,423 crore in 2024, bringing the total to ₹1.55 trillion.
Source: Mint