Noida-based startup MobiQuest Mobile Technologies has raised an undisclosed amount of funding from digital wallet Paytm. The investment was concentrated on MobiQuest’s loyalty platform m’loyal.
Post-investment from Paytm, the company will continue to operate as a separate entity.
Founded in August 2008, MobiQuest operates in the mobile loyalty & data analytics space. It enables retailers and B2C businesses to acquire, engage, and reward their customers. MobiQuest’s loyalty platform m’loyal integrates with brand POS and other social, web and mobile channels to capture customers.
MobiQuest clusters data based on purchase, frequency, product category usage, and drive analytics-based campaigns. This, in turn, results in higher ROI on the marketing expense of the brand.
Sudhanshu Gupta, Vice President at Paytm said, “Over the last year, we have enabled our partnered offline merchants with Paytm’s QR code-based payment solution. In the next phase, we aim to enable them with tools that will help them drive incremental sales and revenues. Our partnership with MobiQuest will help us offer mobile-based loyalty programs to our partner merchants.”
M’loyal is a self-serve platform which claims to have over 100 brands as clients and a database of 80 Mn consumers. The m’loyal platform is available for brands across retail, F&B, fashion, malls, health and wellness and hospitality. Through m’loyal, online sellers on Paytm can sign up for precision marketing across online and offline channels. It is available in India, Malaysia, Dubai, and Singapore.
Vineet Narang, CEO MobiQuest said, “We are excited to partner with Paytm and leverage the huge consumer base of the platform. Our teams are dedicated to the mission of using real time transaction data to drive meaningful insights for the brands and consistently drive up their Marketing ROI.”
Through m’loyal, online sellers on Paytm will be able to design customised multichannel loyalty programmes which will enable them to retain and engage their consumer base, thereby generating more business.
Paytm is leaving no stone unturned to redeem its reputation of being more than a digital wallet company. Just yesterday, it was reported that Paytm Mall revamped its seller onboarding process. To this end, the ecommerce platform has delisted over 85K online sellers. As per the new changes in the seller onboarding process, the company will only look to partner with reputed shopkeepers and brands. The move was in a bid to establish the authenticity of the sellers on its ecommerce platform.
In the loyalty and marketing space, Mumbai-based loyalty and marketing startup m.Paani secured $1.35 Mn in its Pre-Series A round of funding led by IDG Ventures, Blume Ventures, and Saha Fund. Other startups in the loyalty space that compete with Paytm-backed MobiQuest include CrownIt, InLoyal, SmartPocket, Codemojo, etc.