Flipkart invests an undisclosed amount in Easyrewardz
today Nov 19, 2019
Walmart-owned Flipkart has invested an undisclosed amount in customer engagement and rewards platform Easyrewardz. The company plans to utilise the funds to strengthen its global presence and drive new product development.
Easyrewardz has earlier raised funds in its series A funding round in November 2017, which was led by Trans-Continental Venture Fund (TCVF).
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.
Flipkart had launched its new investment fund for Indian start-ups in March this year through which it aims to build a business ecosystem of start-ups.
Since then, Flipkart has been investing in nascent e-commerce, payments, financial technology, and complementary spaces businesses.
"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," Easyrewardz co-founder and sales director Tejas Kadakia said in a statement.
Founded in 2011 by Soumya Chatterjee, Tejas Kadakia, Angad Singh, and Sapan Kadakia, Easyrewardz claims to have an annual revenue of Rs 25 crore ($3.5 million). The company’s client list includes Genesis Luxury, Spykar, Soch, Mufti, Rangriti, V-Mart, Himalaya Wellness, VIP and more.
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