EasyRewardz, a customer experience management company, has announced that it has raised ₹13 crore ($2 million) in its Series A round of funding. The round was led by TransContinental Venture Fund.
Along with them, existing angel investor Jitendra Gupta, Managing Director PayU and Vinay Chatlani, Managing Director at Soch have also participated in this round.
The round also saw participation from a number of other individual investors through Venture Catalysts. These investors are Jagdish Gothi of Kamdhenu Retail, Vikas Kapoor of Rivoli Fashions, Nitin Bardia of AT Jewellers, Ankit Kankariya of Sumeet Jewellers and Akash Gajwani of Diaa Global.
As a part of this funding round, Ashesh Shah, founder of Mumbai-based venture capital firm TransContinental Venture Fund will join the EasyRewardz board of directors.
The proceeds of this funding round will be used by the company to expand its sales and marketing efforts, both in India and overseas. The funds will also be used to broaden and accelerate product development.
The company was founded in 2011 by Soumya Chatterjee, Angad Singh, Sapan Kadakia and Tejas Kadakia. EasyRewardz offers loyalty programme management solutions to businesses through a marketplace that allows customers to enrol into multiple schemes, track points and rewards, and redeem those points.
As per the company, its solutions help clients improve customer retention, increase average transaction value, acquire new customers and defer discounting. The company’s list of clients include RBL Bank, Kotak Mahindra Bank, Genesis Luxury, Spykar, Soch, Mufti, V-Mart, Pizza Hut, PVR, Himalaya Wellness and VIP Industries among others.