SaaS-based marketing tool for online businesses, Refiral, has raised $330K (approx Rs 2 Crore) angel funding from IT services firm Cogent eServices. The raised fund will be used to evolve its current product and scale-up business operations in India as well as international markets.
Brainchild of Rajat Goel and Anmol Batra - Refiral enables e-commerce websites run fully-automated, personalized referral viral marketing campaigns. Refiral concept creates referral loops virally, enabling businesses to acquire new customer through referrals, increase website conversions and retain existing customers.
“We would also use proceedings on developing new tools and expanding our service offerings, moving towards our long term vision to help businesses increase sales,” said Anmol Batra, Co-founder, Refiral.
Launched in March 2014, Refiral has so far run campaigns for over 250 online businesses from across 10 plus countries, split across multiple industries. At present, it has partnerships and integrations with over 20 plus eCommerce platforms.
With this round of funding, both companies also entered into a strategic partnership and are together building a customer support-as-a-service tool for online businesses.
Speaking about the thesis behind funding, Abhinav Singh, Managing Director at Cogent eServices said, “Refiral’s innovative concept fits the rapidly growing eCommerce market very well. The team is solid and has potential to scale the venture.”
Refiral is eyeing the global e commerce market, across all geographies . Currently, there are more than two million e-commerce websites across the globe with a market size of $1.5 trillion which is growing at 15% annually.
With a 10-people team, the company is actively looking to expand its product development and sales team. The company receives over 100 businesses self-signup on its website on monthly basis.
Refiral competes with ReferralCandy, another funded startup which runs referral campaigns for eCommerce stores.