MiQ, a UK-based technology company in programmatic advertising and marketing plans to expand its commercial business in India as it bets on the large addressable market available. It plans to make investments on various fronts and even consider inorganic opportunities, said Co-founders Lee Puri and Gurman Hundal.
The company launched its commercial business in India in Q2 2020 and says it has been growing at a three-year CAGR of 115 per cent. On a global level, the revenue stands at $650 million, and the profit clocked was $80-83 million.
In the near term, it aims to achieve $2 billion in revenue and get $250 million in profit, according to Hundal, Co-founder and Executive Chairman. It is currently present in Bengaluru, Mumbai, and Delhi. Further, it bets on the large addressable market for future growth.
Co-founder Puri said, “India is our fastest-growing market by far. We currently estimate that there are 700 million Indians who use the Internet, and that number is rising. It thus makes it one of the biggest markets from an addressable point of view.”
Geo expansion, inorganic opportunities
The Co-founders said that MiQ is looking at various opportunities for geo expansion and plans to make investments in the product. It sees connected TV as a huge opportunity with the OTTs that exist within the market. It is also considering ways to access and leverage IPL and exploring ways to find players for the same.
MiQ in India will also consider inorganic opportunities to achieve growth through mergers or acquisitions.
Puri said, “In this ecosystem, there are many players who are growing and attracting interest from consumers. We could consider the current programmatic market participants in M&A and augment their efforts with our own. They might be participants in the connected TV, OTT, and similar capabilities markets. We have an aggressive M&A play as part of India’s core strategy.”
Company profile
The company is headquartered in London and has a presence in 30 cities across 10 countries. It entered India in April 2012 by setting up a Centre of Excellence (CoE) in Bengaluru, which employs over 400 people. Globally, it has a workforce of 1,200 employees.
Underscoring the importance of its CoE in the region, Hundal said, “The CoE is a real point of difference that sets us apart from our competitors and enables us to run much more targeted ad campaigns than our competitors. The tech tools that we develop are used across Los Angeles, New York, Sydney, Singapore, and London where we are constantly expanding our knowledge and refining our techniques.”
Published on June 11, 2023
