Netcore acquires minority stake in Flipkart backed EasyRewardz

Netcore Cloud Pvt Ltd has acquired a minority stake in Flipkart-backed EasyRewardz Services Pvt Ltd, law firm DSK Legal said in a statement.

EasyRewardz offers analytics, automation and customer relationship management services to businesses. Netcore is a global marketing technology company that offers AI-powered marketing automation, personalisation and communication platforms based on email, SMS, WhatsApp, voice, app and web solutions. 

Walmart-owned e-commerce firm Flipkart had bought a stake of 20% in EasyRewardz in October 2019 via a mix of secondary and primary deals.  

DSK Legal acted as counsel for both transactions.  

“Now, in the current round, Netcore has also acquired a strategic minority stake by way of a transaction which was a mix of secondary as well as primary parts through a Series B funding,” DSK Legal said.  

Last week, VCCircle reported that SoftBank Group Corp was set to re-invest in Flipkart as part of an upcoming funding round. The Japanese company’s Vision Fund 2 was in talks to make a primary capital investment of $700 million in the Bengaluru based company as part of an upcoming $1.2-1.5 billion round.