Excl: Bank card scheme notifications venture Cardback raises $170K through LetsVenture
Delhi-based Orangut Labs Pvt Ltd, the company behind Cardback, an Android app that provides notifications to users about various offers on their debit/credit cards on mobiles, has raised Rs 1 crore (about $170,000) through LetsVenture, an online platform that connects startups with accredited investors, a source privy with the development told TechCircle.in.
When contacted, Cardback's founder Nikhil Wason declined to comment. However, in an earlier interaction with Techcircle.in, he had said that the company was planning to upgrade the app with an 'intelligent recommendations' feature, to expand the service to other mobile platforms, and to launch in other cities and countries.
Founded in 2012 by Wason and Nidhi Gurnani, Cardback offers rewards, cash-back and EMI schemes on credit, debit, prepaid and loyalty cards on phone without taking the card numbers. Basically, whenever you enter a mall or market, you get an automatic push notification about offers, if any, on your cards in the vicinity. The service is currently available only in Delhi/NCR, Mumbai and Bangalore.
A Morpheus Accelerator startup, Cardback had previously raised angel funding from Rajan Anandan and Sunil Kalra. It claims to have more than 20,000 users on Android, and it claims to add around 125 new users every day. With five employees on board, the startup aims to become the de-facto payment recommendation system that helps people choose their best mode of payment every time a payment needs to be made - be it while shopping (in a market or online), eating out, getting a car refuelled, buying travel or movie tickets and paying phone and electricity bills.
Set up with a seed capital of Rs 30 lakh in May 2013, Bangalore-based LetsVenture.com brings investors and startups on a single domain. Apart from helping startups raise investment, LetsVenture also allows them to get their business plans reviewed by experts as well as connect to mentors. The platform charges 2-3 per cent of the funding from entrepreneurs as a commission, once they raise the money.
This is the fourth startup that has raised funds through LetsVenture. Earlier, social network for artists TouchTalent.com, Big Data startup Frrole, and fan merchandise site Bluegape had raised funding through the platform.
Recently, LetsVenture raised over $650K from Accel Partners and other angels.
(Edited by Joby Puthuparampil Johnson)