MoMark, a mobile app-based customer engagement platform and mobile wallet aggregator has raised a pre Series-A funding of $600,000 led by YourNest Angel Fund. This funding round was also participated by Kolkata-based LNB group.
The Noida-based startup facilitates loyalty and analytics-led engagement programmes for small and medium-sized retailers while enabling merchant discovery for customers.
MoMark plans to utilise the funds to strengthen the technology platform and product offering, increase presence in existing and new markets as well as add top talent.
The startup was founded in 2012 by Dr. Rajesh Sanghi. A Ph.D. and M.Tech from IIT, Madras and B.E.(Hons) from BITS Pilani.
Rajesh Sanghi, MD, MoMark Services, said,
“We became acutely aware that there were anomalies in the way online and offline retailers approached data and customer engagement. This is primarily due to lack of access to the right tech-enabled tools for offline retailers. MoMark aims at removing this anomaly, helping retailers adopt customer engagement functions that they’ve not experienced before.”
Currently, MoMark claims to have adoption base of over 160 merchants in 58 cities, and has clocked over a million transactions worth Rs 763 million.
Girish Shivani, ED, YourNest Angel Fund, said,
“MoMark has nailed the opportunity in creating value targeted at offline retailers who have not fallen under the purview of traditional analytics-based customer engagement solutions.”
The company is now planning to bring in more features and increase its workforce from 40 to 100 in the coming financial year. It is also working on O2O coupon solutions wherein a customer can walk in an offline store and after the purchase, get a discount coupon for the online store and vice versa.