Noida-based Momark Services, a mobile app-based customer engagement platform and mobile wallet aggregator has raised $600K in pre Series-A funding led by YourNest Angel Fund. Kolkata-based LNB group also participated in this round.
MoMark is a mobile based marketing solution company. It facilitates analytics-led engagement programmes for small and medium-sized retailers and also enables merchant discovery for customers.
It was founded in 2012 by IIT Madras alumnus Dr. Rajesh Sanghi. It was founded to bridge the gap in access to effective customer engagement programmes for offline retailers, especially small and medium merchants. The startup will utilise the funds to strengthen the technology platform and product offering, increase presence in existing and new markets as well as add top talent.
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Girish Shivani, ED and Fund Manager, YourNest Angel Fund said, “MoMark has nailed the opportunity in creating value targeted at offline retailers who have not fallen under the purview of traditional analytics-based customer engagement solutions. The team has already demonstrated its execution capability with rapid merchant acquisition and its ability to transform their businesses with their product.”
Currently, MoMark has over 160 merchants in 58 cities on its platform, and has clocked over a million transactions over INR 750 Mn. The platform claims to have 2,50,000 unique customers transacting with merchants via the MoMark platform. MoMark’s presence goes beyond big brands and metros in cities like Basti, Haldwani, Sambalpur and many tier-3 cities, according to the founders.
Retailers on the MoMark platform can build customised loyalty programmes, digital couponing and mobile-based promotions. They can also access analytics on consumer behaviour. It equips their existing POS systems with the ability to accept all major mobile wallet payments, a step that will help retailers increase transactional values and retain customers.
Prior to this in January 2016, Gurgaon-based mycity4kids, raised $3 Mn from SIDBI Venture Capital Limited and YourNest Angel Fund. Other investments by YourNest include – Smart Software, Arya.ai, Mumbai-based Bestdealfinance, Simpli5D Technologies, etc.
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