Walmart-led Flipkart is the latest to venture into investing in start-ups with an undisclosed sum in customer engagement and rewards platform EasyRewardz for a series B funding.
The capital will help the company drive new product development and accelerate global expansion.
Series A funding for EasyRewardz was led by Trans-Continental Venture Fund in November 2017 and the company has doubled its customers and revenues since.
Other investors in the company include Venture Catalysts along with angel investors like Jitendra Gupta, Amrish Rau, Satyen Kothari, Ashneer Grover, Subrat Pani and others.
“We see CRM Software adoption fastest amongst SMBs (small and medium business) in retail as customer centricity continues to hold centre ground in retailing,” said Co-founder and CEO Soumya Chatterjee of EasyRewardz.
CRM Software has a market size of US $ 48 billion, and is seeing a 16 per cent year-on-year growth worldwide, with Asia Pacific leading the growth at 20 per cent.
Tejas Kadakia, Co-founder and Sales Director, EasyRewardz said “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.”
In response to queries on the investment, Flipkart said “Flipkart continues to make investments in the Indian ecosystem in order to deliver value to our customers. Our investment in EasyRewardz is a part of our ongoing initiatives to give superior customer experience.”
Founded in 2011 by Soumya Chatterjee, Tejas Kadakia, Angad Singh and Sapan Kadakia, EasyRewardz is a customer engagement SaaS solution company, and operates in India, South East Asia and Middle East, among others.
The company currently has an annual revenue of Rs. 25 crore.
