Customer engagement and rewards platform EasyRewardz on Tuesday said it has raised an undisclosed sum in series B funding from Walmart-owned Flipkart.
The fund infusion will help EasyRewardz to drive new product development and accelerate global expansion, a statement said.
EasyRewardz has more than doubled its customers and revenues since its series A funding round in November 2017, which was led by Trans-Continental Venture Fund (TCVF), it added.
Other investors in the company include Venture Catalysts along with angel investors like Jitendra Gupta, Amrish Rau, Satyen Kothari, Ashneer Grover, Subrat Pani and others.
"We see CRM Software adoption fastest amongst SMBs (small and medium business) in retail as customer centricity continues to hold centre ground in retailing," EasyRewardz co-founder and CEO Soumya Chatterjee said.
CRM Software has a market size of $48 billion, and is seeing a 16 per cent year-on-year increase globally, with Asia Pacific growing faster at over 20 per cent,
"We have firmly established our position in India, and have a toe-hold in MENA. We will now accelerate our global expansion to meet the growing demand of Customer Experience Management platforms," EasyRewardz co-founder and sales director Tejas Kadakia said.
Founded in 2011 by Soumya Chatterjee, Tejas Kadakia, Angad Singh and Sapan Kadakia, EasyRewardz is a customer engagement SaaS solution company, and operates in India, South East Asia and Middle East, among others. The company currently has an annualised revenue of Rs 25 crore.
"Flipkart continues to make investments in the Indian ecosystem in order to deliver value to our customers. Our investment in EasyRewardz is part of our ongoing initiatives to give superior customer experience," Flipkart said in response to queries on the investment.