The funding will primarily be used for the expansion of Codemojo’s team.
Founded in 2014 by Shoaib Mohammed and Vijaykrishna Ramanathan, the startup was accelerated at Reliance GenNext Hub. Headquartered in Chennai, Codemojo offers customer engagement services for omnichannel businesses. It aims at increasing the customer base for its user’s sites via loyalty points, behaviour gamification, and referral wallets among other things.
Talking about the investment, Vijaykrishna Ramanathan, co-founder, and Head of Business Development, Codemojo said, “The online industry is going through a major shift, the focus is moving from GMV & download to driving repeat transactions and selling premium subscription services. With Codemojo in place, businesses across different sectors don’t need to reinvent customer engagement solutions for their business. Codemojo powers their marketing teams with unique tools and reports that let them be in total control of their customer engagement journey both proactively and reactively keeping them agile at all possible scenarios.”
It claims to help companies reduce 80% of coding due to plug and play codes for white-labelled rewards wallet, loyalty and user engagement with cashback. These features can be accessed from its website, app and Cloud POS. Users can also customise fully managed and pre-built, white-labelled components (APIs) and run varying programmes for customer engagement as per the needs of their business.
Manoj Chandiramani, Lead, CIO Angel Network said, “Research shows loyalty programmes increase purchases by 20%, as well as repeat customers are more profitable. Codemojo’s customer engagement & rewards system with its unique touch of behaviour gamification has a lot of potential to make a difference in this space.”
According to an official statement, customer engagement market is currently valued at $32.4 Bn globally. Earlier this month, Bengaluru-based marketing firm Hansa Cequity acquired Mumbai-based inloyal, a mobile loyalty startup, for an undisclosed amount. In April 2016, Gurugram-based mobile marketing & rewards platform, Skrilo raised $1.5 Mn (about INR 10 Cr) Seed funding from angel investors. In June 2016, Mumbai-based video advertising and app monetisation platform POKKT’s incentivised Android app, Pocket Money, was acquired by Adways Inc, Japan and Southeast Asia’s mobile marketing company for an undisclosed amount.