Mumbai-based enterprise loyalty and consumer rewards platform, EasyRewardz has closed a $2-million series-A round of financing led by TransContinental Venture Fund, existing angel investor Jitendra Gupta, managing director PayU and Vinay Chatlani, managing director at Soch.
Earlier, EasyRewardz had raised Rs 3 crore in its pre-Series A round from boutique wealth management firm Wealth First and other investors in August 2015.
Following the investment, Ashesh Shah, founder of Mumbai-based venture capital firm TransContinental Venture Fund will join the EasyRewardz board of directors.
The startup, which is currently operational in 3500-plus stores and has more than 15 million members enrolled in its network, will deploy the latest proceeds to expand its sales and marketing efforts, both in India and overseas, as well as broaden and accelerate product development.
“This funding round validates our vision towards building the most insightful channel for brands to connect with Shopper and influence transaction behaviour. Having the financial support of investors will help us execute our vision to become a market leader in our chosen field of customer experience and loyalty solutions,” said Soumya Chatterjee, co-founder and CEO, EasyRewardz, reported TOI.
Founded in 2012 by Angad Singh, Sapan Kadakia, Soumya Chatterjee and Tejas Kadakia, EasyRewardz analyses the shopping behaviour of the individual on the basis of his or her interactions with the brand and helping the brand understand the shopper better and make recommendations to the brand on campaigns that generate the requisite ROIs.
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Its parent company EasyTech Services works with enterprises including banks such as RBL Bank and Kotak Mahindra Bank Limited, retail brands – Mufti, Chicco, VLCC, Genesis Luxury, Spykar, Soch, Rangriti, V-Mart), F&B (Sanjeev Kapoor), PVR, Himalaya Wellness, VIP, Being Human and corporates such as Reliance Communications and Yatra for their Loyalty Program as a Service (LPaaS) platform.