MoMark gets $600,000 funding from YourNest Angel, LNB Group

Noida-based MoMark Services, a mobile app-based customer engagement platform and mobile wallet aggregator, has raised a pre Series-A funding of USD 600,000 (around Rs 4.5 crore) led by YourNest Angel Fund. Kolkata-based LNB group also participated in this funding round, a statement from MoMark said.

The company will utilise the funds to strengthen the technology platform and product offering, increase presence in existing and new markets as well as add top talent, it said. MoMark facilitates loyalty and analytics-led engagement programmes for small and medium-sized retailers, while enabling merchant discovery for customers.

"We became acutely aware that there were anomalies in the way online and offline retailers approached data and customer engagement. This is primarily due to lack of access to the right tech-enabled tools for offline retailers," MoMark Services MD Rajesh Sanghi said.

"MoMark aims at removing this anomaly, helping retailers adopt customer engagement functions that they've not experienced before," he said. MoMark claims it has an adoption base of over 160 merchants in 58 cities, and has clocked "over 10 lakh" transactions worth Rs 7.63 crore.

As many as 2,50,000 unique customers transact with merchants via the MoMark platform. MoMark was founded in 2012 by Rajesh Sanghi, a former IBM-hand who has mentored and invested in several startups over the past five years. MoMark's presence includes big brands and metros, as well as tier III cities.