Software-as-a-Service (SaaS) platform Loyalty Prime has secured a Series A round of funding from a consortium of investors, including Munich-based early stage fund Senovo, Unternehmertum Venture Capital (UVC) and angel investor Alexander Bruehl, the company said in a statement on Tuesday.
The company will use the funds to expand its business across Europe, the US and Asia in a phased manner, "India [is] clearly on the roll out map to become a key market for us," a company spokesperson told TechCircle in an email.
Loyalty Prime was founded by Munich-based Christoph Straub and New Delhi-based Kunal Mohiuddin in 2014. The firm runs the cloud-based loyalty programmes for small, medium and enterprise clients, such as Fraport AG, TRW ZF and Preferred Hotels & Resorts, among others.
Before launching Loyalty Prime, Mohiuddin co-founded NetCarrots Loyalty Services in 2000, which provided loyalty and rewards-related services.
Straub, a former consultant with Siemens AG, has expertise in the loyalty space and has previously worked at PearlScout, a marketing and customer loyalty consultancy and Envolved, an independent consulting firm for customer management.
The technology product development and operations of the company are headed out of New Delhi, and the office has over 50 employees, and is expected to grow to over 100 in the coming months. The company has an office in London as well.
"With the funding, Loyalty Prime will be able to accelerate market penetration and is well prepared to become the 'Salesforce' of the loyalty industry," said Jan Boluminski, managing director of Envolved and co-founder of Payback, who is Loyalty Prime's advisory board member.
The SaaS sector in India has seen a lot of investment interest recently. SaaS startup Oi Media, a unit of OurInitiative Media Pvt Ltd, a platform for out-of-home (OOH) advertising, raised seed funding from early stage venture capital (VC) fund Quarizon last week.
Early this month, cloud-based solutions provider SecurAX secured funding from early stage investor Axilor Ventures, Parampara Early Stage Opportunities Fund and a clutch of angel investors.