EasyRewardz Software Services Pvt. Ltd. is a Gurgaon – based customer loyalty management startup which provides solutions for consumer loyalty to brands. The startup announced yesterday (14/11/2017) that it has raised US $2 million (Rs. 13 crores) in Series A round of funding from Trans-Continental Venture Fund. The startup’s existing angel investor, Jitendra Gupta, managing director (MD) at the fintech firm, PayU and the startup’s new angel investor, Vinay Chatlani, co-founder and CEO of the apparel firm, Soch also participated in this round of funding. EasyRewardz will use the funds to develop its services and improve its sales and marketing efforts both in India and abroad. Read more on Investments
“While brands often focus on acquiring new customers, it is significantly cost-effective to retain an existing customer than to acquire a new one”, Chatlani said.
EasyRewardz was founded in 2011 by Soumya Chatterjee, Angad Singh, Sapan Kadakia and Tejas Kadakia. EasyRewardz offers customer loyalty management solutions to corporates and businesses which allows customers to enrol in multiple schemes, track points and rewards and helps customers to redeem those rewards. The startup claims that its solutions have helped its clients improve their customer retention, increase average transaction value and acquire new customers. The startup’s clients include RBL Bank, Kotak Mahindra Bank, Genesis Luxury, Spykar, Soch, Mufti, V-Mart, Pizza Hut, PVR, Himalaya Wellness and VIP Industries.
A few other customer loyalty startups got funded this year (2017). They include the mobile loyalty and data analytics startup, MobiQuest Mobile Technologies in which Paytm invested an undisclosed amount of seed funding during July, this year (2017). The Loyalty Reward and Marketplace startup, m.Paani raised Rs. 9 crores in Pre Series round of funding from IDG Ventures, Blume Ventures and Saha Fund during March, this year and finally the online gifting startup, Easter Egg raised Rs. 2.7 crores in Series A round of funding from the Singapore – based VC firm, Wealthy Ideas during March, this year. Read more on Startup News