After raised $5.5 million in a Series A funding last year, mobile-based marketing and customer rewards management platform Crownit has raised a Series B round of funding from a Silicon Valley-based investor and a Mumbai-based investor. Gurgaon-based GoldVIP Technology Solutions Pvt. Ltd. owned Crownit plans to expand its geographic reach. The raised funding will be used to expand to four more cities—Pune, Hyderabad, Kolkata and Chennai. A part of the capital will also go towards marketing and brand building.
Existing investors, Accel Partners and Helion Venture Partners have also participated in the funding round.
Founded in March 2014 by Delhi College of Engineering alumnus Sameer Grover, Crownit offers the cash back deals on restaurants, phone recharges & mobile bill payment, movie vouchers, hotel bookings, diagnostics etc.
With presence in Delhi NCR, Mumbai and Bangalore and over 10,000 local merchants, including restaurants, salons, weekend getaways, fitness studios, retailers, among others, the company claims to have a base of over 8,00,000 users. Earlier this year, the firm had launched an app to streamline the process of viewing, approving or rejecting bills by merchants.
Others players which operating in this space are CupoNation, CashKaro, Logicserve Technologies Pvt. Ltd., Times Internet-owned CouponDunia, LafaLafa and MyDala. In February, CupoNation (a deals and discounts portal) had raised $11 million in a Series B round of funding from a group of investors, including existing investor Rocket Internet AG. In January, cash-back and coupons site CashKaro had raised an undisclosed amount in funding from Tata Sons' chairman emeritus Ratan Tata.
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