Mumbai-based Loylty Rewardz Mngt Pvt Ltd, engaged in the development and management of consumer loyalty programmes, has raised $4.4 million or Rs 22 crore through its series B funding from Canaan Partners, the company has said in a statement on Monday.
The proceeds would be used to increase investments in the technology platform to support millions of transactions on a monthly basis, besides expanding sales and marketing to grow base of issuers, broaden the merchant network across tier 2 and tier 3 towns and launch new loyalty products for consumers with built-in mobile engagement, Bijaei Jayaraj, CEO of Loylty Rewardz, detailed.
Incorporated in 2006, Loylty Rewardz is engaged in the development and management of consumer loyalty, rewards, data intelligence and direct marketing communication programmes. The company offers a wide range of services, including programme design and execution, contact centre management, direct communication, redemption platforms, technology solutions and loyalty points.
“Loylty Rewardz leverages opportunity to develop loyalty programmes which influence consumer behaviour and create lasting relationships among their partners’ customer base. These loyalty programmes are made possible through a combination of deep domain knowledge and a highly scalable technology platform that provides end-to-end functionality to millions of consumers,” Rahul Khanna, managing director of Canaan India, commented on the deal.
In November 2009, Loylty Rewardz raised Rs 6 crore from investment firms eYantra Industries Ltd, VenturEast Proactive and Argonaut Private Equity.
“We are excited to have Canaan Partners as our financial investors, which helps us take our organisation to the next orbit of growth. We value Canaan Partners’ deep cross-industry knowledge and look forward to an exciting phase of accelerated growth for Loylty Rewardz,” Jayaraj said on the deal.
Canaan’s investments in India include MotorExchange.com – a used car exchange business, mCarbon – a hotbed for VAS innovation, UnitedLex from the LPO space, iYogi – a direct-to-consumer and small business-focused remote tech support provider, BharatMatrimony.com – one of the biggest matrimonial portals, and Cellcast Asia Holdings from the mobile VAS space.
In September this year, pre-owned vehicle sales portal MotorExchange.in has raised $13 million or Rs 59.7 crore through its third round of funding, led by venture capital firm Tiger Global Management. Existing investor Canaan Partners also participated in the round.
