On Tuesday, EasyRewardz, a collaborative rewards marketplace, announced that it had raised $2 millon as a part of its Series-A round. The financing round was led by TransContinental Venture Fund, existing angel investor and Managing Director of PayU, Jitendra Gupta, new investor and Co-founder of Soch Vinay Chatlani, along with Venture Catalysts Angels.
According to a statement, the investment will help the company to aggressively expand its sales and marketing efforts, both in India and overseas, as well as broaden and accelerate product development.
As a part of the deal, Ashesh Shah, Founder of TCVF, will join the EasyRewardz Board of Directors.
The startup was founded by Angad Singh (ex-investment banker, Barclays), Sapan Kadakia, Soumya Chatterjee (ex –CTO, Yebhi.com) and Tejas Kadakia (ex-AVP of BNP Paribas, New York).
EasyRewardz analyses the shopping behaviour of the individuals, based on their interactions with the brand, and helps the brand understand the shopper better and make recommendations on campaigns that generate the requisite ROIs.
It also provides its clients with the customer insights they need to make smarter business decisions and build relevant, rewarding and long-term one-to-one relationships.
At present, EasyRewardz claims that it has customers across categories such as Banking (RBL Bank and Kotak Mahindra Bank Limited), Apparel (Genesis Luxury, Spykar, Soch, Mufti, Rangriti, V-Mart), F&B (Pizza Hut, Sanjeev Kapoor chain of restaurants) and others (PVR, Himalaya Wellness, VIP).
Speaking on the funding, Soumya, Co-founder and CEO of EasyRewardz, said,
“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.”
While, Ashesh Shah, Founder of TCVF, stated,
“We are highly impressed with the focus of the founders on unit economics and profitability, and the scale that they have built without any institutional funding till date. We are excited about partnering with a strong management team with deep domain expertise and support them as they work towards building a world-class company in an exciting category.”
Last week, according to YourStory research, over 10 startups raised $106 million in funding.
Some of the key ones included – big data-as-a-service company Qubole announcing a $25-million strategic round, personal finance management startup Fisdom raising $3.8 million, along with microfinance company Spandana Sphoorty raising $62 million in debt capital from Aditya Birla Capital.