Hyderabad based Reasoning Global eApplications Ltd, a company that helps drive internet and mobile traffic to retail stores, has raised $1 million from UK based high networth individuals.The funds raised will be utilised for expanding the marketing and operations on a national basis.
This is the second round of funding for the company which raised Rs 3 crore from angel investors last year. The angel investors in the first round included Atim Kabra of Frontline Ventures, Raman Kumar of Cbay Systems, Ashish Mehta of Reliance Asset Management and L.V.N. Muralidhar of Lastaki Management Consultants.
Reasoning Global provides applications to retailers and manufacturer to drive traffic from the internet and mobile to their local retail stores. The company claims the solutions offer a concentrated marketing effort to the brands by using internet and mobile as customer touch points.
"We are basically making the retail chains and stores searchable on the internet along with their updated information." Said Girish Kasliwal, VP, Reasoning Global eAplications Ltd.
Reasoning allows customers to find products, brands, or sales locally, and to scan the inventory at any given shopping center. The company claims to have more than 1,000 stores live on their platform.
Reasoning's clients include brand like Reliance, Gitanjali Jwellers and Nakshatra .
The firm's revenues come from the one time setup and integration fee that it charges the retailers to come online, annual fee per store, customer charges, revenue from user SMS to the short code, lead generation through this platform and the banner and text advertisements.
The company was formed in October, 2006 by Abhay Deshpande in Hyderabad. Currently, it employs 140 people and has offices in Gurgaon and Mumbai.
Currently, the company operates through four products. Its products include Martjack, a multi-channel business enhancing solution, which allows manufacturers, retail chains and single stores to drive traffic from internet and mobile to their physical stores and Parent Communication, which connects parents, child and the school management online.
Other products by Reasoning include Ebhav and Mbhav. While Ebhav is an online Indian products local search engine that allows customers to compare and buy products, Mbhav is a mobile search engine.
Future Group's Futurebazaar is also another online shopping portal that allows customers to scan through the products offered at the Future Group stores.