Flipkart Invests In EasyRewardz Series B Funding

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, the customer engagement SaaS solution company works across India, South East Asia, Middle East, among others. It claims to have an annualised revenue of INR 25 Cr currently. Prior to this round, the company had raised over $2 Mn funding in 2017 from Trans-Continental Venture Fund (TCVF), Venture Catalysts, Jitendra Gupta, Amrish Rau, Satyen Kothari, Ashneer Grover, Subrat Pani among others.

“We will now accelerate our global expansion to meet the growing demand of customer experience management platforms,” said Kadakia, co-founder and sales director at EasyRewardz.

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.

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.

The company earlier claimed to have 100 Mn across sectors. “CRM Software has a market size of $48 Bn, and is seeing a 16% YoY increase globally, with APAC growing faster at over 20%. We see CRM Software adoption fastest amongst SMBs in retail as customer-centricity continues to hold centre-ground in retailing,” said Soumya Chatterjee, cofounder and CEO of EasyRewardz.

Research shows that from a market standpoint, the CRM applications market is the fastest growing software market and is expected to reach $80 Bn by 2025. Also, from a brand’s standpoint, the research suggests 65% of sales representatives who have adopted mobile CRM have achieved their sales quotas.