Loylty Rewardz Raises $4.4M
Canaan India announced the closure of Series B round of funding in India's premier loyalty and relationship management company.
MUMBAI, INDIA, Canaan India, today announced the closure of Series B round of USD 4.4 million venture capital funding in India's premier loyalty and relationship management company, Loylty Rewardz Management Private Limited.
Loylty Rewardz helps brands achieve successful customer retention and loyalty by analyzing customer behavioral patterns, installing appropriate rewards & recognition mechanisms and by leveraging cutting edge technology. The company processes millions of card transactions every month to reward loyalty points to customers who account for more than 56% of all the credit and debit card base in the country.
Mr. Rahul Khanna, Managing Director, Canaan India, while elaborating on the potential of Loylty Rewardz mentioned, "In today's intensely competitive market, customers face a variety of choices with little differentiation. Every time they choose your product or service over other options, they are voting with their wallet. Loylty Rewardz leverages this opportunity to develop loyalty programs that influence consumer behavior and create lasting relationships amongst their partner's customer base. These loyalty programs are made possible through a combination of deep domain knowledge and a highly scalable technology platform that provides the end-to-end functionality to millions of consumers."
After securing this funding, Mr. Bijaei Jayaraj, CEO, Loylty Rewardz, commented, "We are excited to have Canaan Partners as our financial investors which helps us to take our organization 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."
He further added, "This funding will be extremely beneficial for our business to increase investment in the technology platform to support millions of transactions on a monthly basis, expand sales and marketing to expand base of issuers, broaden the merchant network across Tier 2 and Tier 3 towns and launch new loyalty product for consumers with built-in mobile engagement."
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