Gurugram-headquartered customer engagement and rewards platform EasyRewardz has raised an undisclosed amount of Series B funding from Walmart-owned ecommerce player Flipkart.
The company said that the fresh funds will be used to drive new product development and accelerate global expansion. Easyrewardz provides cloud-based customer management solutions and services with an omnichannel approach across industries including — Fashion & Lifestyle, retail banking, hospitality, healthcare, food and beverage and wellness.
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.
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.
The company follows an omnichannel approach across sectors including fashion and lifestyle, retail banking, hospitality, healthcare, food and beverage and wellness. It offers the following services to businesses from a customer engagement point of view.
- Acquisition: Lead Management System – Capturing leads through web forms, social widgets, walk-ins. Mapping leads to opportunities, assign notes, follow-ups, revenue values, and life-stages, and automatically scoring and marking leads, basis funnel stages.
- Activation: Campaign Engine – Multi-wave and tailor-made campaigns on the basis of services availed, type of customer and location.
- Growth: Loyalty & Rewards Toolkit – Create a loyalty programme mapped to rewards for promoting speciﬁc customer behaviour.
- Engagement: Ticket Management, Feedback, Chatbot – Track customer’s feedback, complaints and queries across all touch-points. Inﬂuence communication to make it uniform and conversational.
- Retention: Analytics, Campaigns, Rewards – Fee renewal reminders, churn alert, win-back strategy, conduct surveys, next best action, service recommendations.
“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.
“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.
Easyrewardz major clients include RBL Bank, Kotak Mahindra Bank Limited, Genesis Luxury, Spykar, Soch, Mufti, Rangriti, V-Mart, PVR, Himalaya Wellness, VIP and more. It works with over 150 brands across more than 8,50 retail stores in over 250 locations.
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.
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