Financial Services conglomerate IIFL Group has said that its early-stage investing vehicle IIFL Fintech Fund has invested $2 million in EasyRewardz, a company that offers services related to loyalty-based rewards as a part of its Series B Funding.
The capital infusion in EasyRewardz will be used to expand its operations and develop new products.
EasyRewardz offers industry-agnostic cloud-based CRM, loyalty, and conversational commerce solutions that enable seamless omnichannel customer experience.
EasyRewardz has earlier raised funds from Transcontinental Venture and Flipkart.
Commenting on the investment Mehekka Oberoi, Fund Manager, IIFL Fintech Fund said, “EasyRewardz is an interesting and growing space. Till now most of the spending was focused on marketing with little attention being paid to loyalty. With digitization picking up, spending on loyalty and customer retention should start picking up. EasyRewardz is well-positioned to capture this segment. They have already worked with marquee brands in the BFSI space. The opportunity landscape is exponential both in India and abroad.”
Speaking on the fundraising, Soumya Chatterjee, CEO, EasyRewardz said, “We are happy to invite IIFL Fintech Fund into our investor community. As we double down our focus on expanding our CRM platform to BFSI, we look forward to learning from IIFL and working together with them closely to co-create platform extensions for this domain. Evolving out of Covid, EasyRewardz has taken major strides in exploring new markets outside India and new domains in India This investment from IIFL will help accelerate these initiatives.”
Gurgaon-based EasyRewardz was founded by Tejas Kadakia, Soumya Chatterjee, Angad Singh, and Sapan Kadakia in 2011. It enables members to track and manage their loyalty balances across BFSI, retail, and shopping programs all from a single dashboard.
In August 2021, IIFL Fintech Fund was established with a dedicated Rs 140 crore sponsorship from two group companies – IIFL Finance and IIFL Securities. The financial services group with a large retail interface is aiming to offer last-mile credit with the help of cost-effective technologies.
Before investing in EasyRewardz, the fund has already made eight investments – Leegality, FinBox, Trendlyne, DataSutram, Multipl, Finarkein, TrustCheckr, and Open Financial Technologies within eight months of its existence.
The fund is an extension of the #IIFLDisrupt program launched by IIFL Group in 2020 that aimed to provide financial, mentoring, and business support to solution-oriented Fintechs, as the pandemic affected the economy and startup space.