IIFL Fintech Fund has invested $2 million in EasyRewardz, which offers services related to loyalty-based rewards. The fund raise was part of its Series B Funding, and it has earlier raised funds from Transcontinental Venture and Flipkart.
EasyRewardz will use the funding to expand its operations and develop new products.
Mehekka Oberoi, Fund Manager, IIFL Fintech Fund said, “EasyRewardz is an interesting and growing space. Till now most of the spends were focused on marketing with little attention being paid on loyalty. With digitization picking up, spends on loyalty and customer retention should start picking up. EasyRewardz is well positioned to capture this segment. They have already worked with marquee brands in BFSI space. The opportunity landscape is exponential both in India and abroad.”
Soumya Chatterjee, CEO, EasyRewardz said, “We are happy to invite IIFL Fintech Fund in to our investor community. As we double down our focus on expanding our CRM platform to BFSI, we look forward to learn from IIFL and work together with them closely to co-create platform extensions for this domain. Evolving out of Covid, EasyRewardz has taken major strides in exploring new markets outside India and new domains in India This investment from IIFL will help accelerate these initiatives.”
Gurgaon-based EasyRewardz was founded by Tejas Kadakia, Soumya Chatterjee, Angad Singh and Sapan Kadakia in 2011. It enables members to track and manage their loyalty balances across BFSI, retail and shopping programmes all from a single dashboard.