MoMark, a mobile application based customer engagement platform and mobile wallet aggregator, has raised $600,000 in its Series A round of funding from YourNest Angel Fund and LNB Group.
MoMark facilitates loyalty and analytics-led engagement programmes for small and medium-sized retailers while enabling merchant discovery for customers. The company will utilise the funds to strengthen the technology platform and product offering, increase presence in existing and new markets as well as add top talent.
MoMark’s platform helps merchants attract, engage & retain customers and on the other hand, provides customers with complete convenience of searching for merchants, exclusive deals & discounts.
It also enables customers to earn and redeem reward points with the ease of a single tap on their mobile. The company also has a leading edge technology and strong analytics engine, providing access to actionable data and analytics.
The app uses mobile as a loyalty card and is acceptable across various merchants. The mobile rewards solution enables merchants to deploy reward program quickly to delight customers & convert a casual visit into a pleasant long term association. It claims to be helping in reducing the overall cost of campaigns, customer acquisition & retention.
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.
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.
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.