Fireside Ventures, Mumbai Angels and MAPE Advisory invest in Bounty

The nanolocal commerce app would utilise funds to expand the team

Bengaluru-based nanolocal commerce app Bounty raised an undisclosed seed round of investment from Fireside Ventures, Mumbai Angels and MAPE Advisory Group.

The round also saw active participation from Basab Pradhan, former global head of sales and marketing at Infosys, and real estate group scion Apurva Salarpuria of Salarpuria Group. The funds will be utilised to expand the team.

Bounty's mobile application helps customers earn rewards even for checking in at a retail shop while driving footfall for retail businesses. The merchants can also track in-store customer behavior and incentivise purchases.

"Nanolocal commerce is about information that is predictive, realtime and contextual â providing you what you need at the right location, just in time. Brands need to personalise offers, services and experiences to suit a consumer starting with courting the customer, getting to know them better and tailoring contextual communication to drives sales or service," said Satish Medapati, founder and chief executive officer of Bounty.

The app so far has driven more than one million check-ins. It has also recently launched a smartwatch check-in for users.

"Today, websites are able to identify a customer along various dimensions (new v/s returning, customer demographics, customer lifetime value, customer purchase intent) the moment he/she visits the site. However, retail businesses do not know who has entered their store until the customer actually makes a purchase. Imagine if retail businesses have the same ability as websites - to identify customers at entry. That's the power of Bounty for retail businesses," said Mumbai Angels' Bharat Devanathan, who is also the former chief operating officer of Groupon APAC.