EasyRewardz, a leading customer experience management company, today announced that it has completed a $2 million series A round of financing round led by TransContinental Venture Fund, existing angel investor Jitendra Gupta (MD of PayU), new investor Vinay Chatlani (cofounder and CEO of Soch) along with Venture Catalysts Angels - Jagdish Gothi (Kamdhenu Retail),Vikas Kapoor (Rivoli Fashions), Nitin Bardia (AT Jewellers) Ankit Kankariya (Sumeet Jewellers),Akash Gajwani (Diaa Global), Amit Agarwal among others. The investment will help the company aggressively expand its sales and marketing efforts, both in India and overseas, as well as broaden and accelerate product development. Ashesh Shah, founder of TCVF, will join the EasyRewardz Board of Directors.
The series A financing builds on an exceptional year for EasyRewardz which saw a rapidly growing roster of clients and key executive appointments. EasyRewardz customers include marquee names 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).
Founded by Angad Singh, an ex-investment banker from Barclays; Sapan Kadakia, alumnus of MICA; Soumya Chatterjee, former CTO of Yebhi.com and Tejas Kadakia and former AVP of BNP Paribas in New York, EasyRewardz analyzes the shopping behavior of the individual on the basis of her interactions with the brand and helping the brand understand the shopper better and make recommendations to the brand on campaigns that generate the requisite ROIs. EasyRewardz 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.
“This funding round validates our vision towards building the most insightful channel for brands to connect with Shopper and influence transaction behavior. 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,” said Soumya Chatterjee, cofounder and CEO of EasyRewardz.
Ashesh Shah, founder of TCVF affirmed that “EasyRewardz has built a best-in-class product and full range of solutions for brands in India and abroad. 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.”
“While brands often focus on acquiring new customers, it is significantly cost effective to retain an existing customer than to acquire a new one. EasyRewardz has the best solution for customer engagement in the industry and we were really impressed with their ability to deliver measurable business results vis-à-vis any of the other players in the industry. Using their proprietary solution has been extremely rewarding for us and it was an easy decision to invest in this series A round.” said Vinay Chatlani, cofounder and CEO, Soch.