[Funding alert] EasyRewardz raises Series B round from Flipkart
EasyRewardz, the Gurugram-headquartered customer engagement and rewards platform startup has raised its Series B round of funding from Flipkart. However, the company did not disclose the quantum of the fundraised.
Founded in 2011 by Soumya Chatterjee, Tejas Kadakia, Angad Singh, and Sapan Kadakia, EasyRewardz is a customer engagement SaaS solution company with a stronghold in India, Southeast Asia, Middle East, among others. It claims to have an annualised revenue of Rs 25 crore.
According to the company, the fresh round of funding will be used to drive new product development and accelerate global expansion.
EasyRewardz had earlier raised Series A round of funding of $2 million in November 2017 led by Trans-Continental Venture Fund (TCVF). Other investors of the company include Venture Catalysts, along with prominent angel investors like Jitendra Gupta, Amrish Rau, Satyen Kothari, Ashneer Grover, Subrat Pani, and more.
“CRM Software has a market size of $48 billion and is seeing a 16 percent Y-o-Y increase globally, with APAC growing faster at over 20 percent. We see CRM Software adoption fastest amongst SMBs in retail as customer-centricity continues to hold centre-ground in retailing,” said Soumya Chatterjee, Co-founder and CEO of EasyRewardz.
Customer Relationship Management (CRM) is a software tool that companies engage to attract and retain customers. It uses a host of data points to create a framework to enable continuous customer engagement.
“We have firmly established our position in India, and have a toe-hold in MENA. We will now accelerate our global expansion to meet the growing demand of Customer Experience Management platforms,” said Tejas Kadakia, Co-founder and Sales Director at EasyRewardz.
On the other hand, the investment by Flipkart into EasyRewardz is part of its strategy to invest in startups. Earlier this year, the ecommerce major had announced the creation of a venture capital fund to back early-stage startups.
While the size of the fund was not disclosed but, Flipkart's focus areas of investment are ecommerce, fintech, payments, and complementary segments.
Some of the key startup investments made by Flipkart, in the past, include Myntra and PhonePe, which were full-sized acquisitions. Besides, there were other startup acquisitions such as F1 Info Solutions, Liv.ai, and Upstream Commerce.
(Edited by Suman Singh)