Flipkart backs SaaS-based customer engagement platform EasyRewardz

EasyRewardz, a customer engagement and rewards platform owned by Mumbai-based EasyRewardz Software Services, has raised an undisclosed sum in a Series B funding round from Flipkart. 

The capital infusion from the Bengaluru headquartered ecommerce major follows a $2 million Series A round that EasyRewardz had raised in November 2017 led by Trans-Continental Venture Fund. Earlier, the startup also raised capital from Citrus Pay co-founder Jitendra Gupta and Venture Catalysts.

EasyRewardz will use the capital raised from Flipkart to drive new product development and accelerate the company’s global expansion, it said in a statement.

“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,” Tejas Kadakia, co-founder and sales director, said. 

The company claims to have doubled its customers and revenues since its Series A round and annualised revenues currently stand at Rs 25 crore or $3.4 million.

“CRM software has a market size of $48 billion and is seeing a 16% year-on-year increase globally, with APAC growing faster at over 20%. We see customer relationship management (CRM) software adoption fastest amongst SMBs in retail as customer-centricity continues to hold center ground in retailing,” Soumya Chatterjee, co-founder and CEO, said.

Founded in 2011 by Chatterjee, Kadakia, Angad Singh and Sapan Kadakia, Easyrewardz currently has a presence in India, Southeast Asia and the Middle East. 

Prior to EasyRewardz, Chatterjee worked at companies such as Air Sahara, BrickRed Technologies, Loyalty Rewardz Management and YeBhi.com. An MBA from the IIM Indore, Singh started his career as an analyst with KPMG and later worked at Barclays Bank, Sanlam Investments and Advisors and Ernst and Young. Tejas Kadakia worked at TCS and BNP Paribas, whereas Sapan Kadakia was with Capgemini, ZoomI.

The company competes with  NetCarrots, Accentiv' Travel and Credit and PAYBACK, among others, in this segment.