Mumbai Based RedQuanta Raises Funding Round Led by India Quotient, Blume Ventures and India Venture Partners
RedQuanta, a Mumbai based mystery shopping startup has raised a funding round from India Quotient, Blume Ventures, India Venture Partners and a group of angel investors. RedQuanta is in the business of building customer intelligence through its tech-enabled crowdsourcing based mystery shopping platform. The amount of funding is undisclosed.
The money raised will be utilized for making its technology platform more robust, strengthening the mystery shopper network and expanding the services to new verticals. “Retail industry is witnessing a huge shift from unorganized to the organized sector. We are building our capabilities to tap this growth. The need is very evident to have robust systems for customer intelligence – systems that bring accurate predictability, access to real time information and provide actionable insights. In fact, RedQuanta is one of the first in the country to use location-aware mobile application for data gathering and for performing instant audits”, says founder, Pankaj Guglani.
Founded in early 2010, RedQuanta has worked with 50+ customers across 15 verticals. It has 20,000 profiled mystery shoppers spread across 350 cities, including seven metros, in its database. Plan is to grow this to 1 lakh profiled shoppers in the next 12 months.
RedQuanta’s clients include retailers, quick service restaurants, automobile and FMCG brands, spas and ecommerce companies, to evolve metrics to assess consumer satisfaction. These metrics are then translated into feedback forms that mystery shoppers registered with RedQuanta have to complete after their shopping experience. “The feedback form touches every aspect of the shopping experience that is visible to the consumer. So, for instance, we will not ask you to tell us about the kitchen in a restaurant, but we could ask you about the kind of music that was playing or how many minutes it took you to get to the service counter,” says Guglani. The feedback is then channelled back to the client in the form of analytics on customer behaviour.
RedQuanta had earlier received angel funding from a group of investors led by Mr. Anand Ladsariya and was also part of The Morpheus accelerator programme. All investors continue to hold their stake in the company.