MoMark raises $600K from YourNest, LNB Group
Noida-based MoMark Services Pvt Ltd, a startup that aggregates mobile wallets and runs an app-based customer engagement platform for offline retailers, has raised $600,000 (about Rs 4 crore) in pre-Series A funding led by YourNest Angel Fund.
Kolkata-based LNB Group also put money in this round, the startup said in a statement.
MoMark will use the funds raised to strengthen its technology platform, expand presence and hire top talent.
"MoMark has a good opportunity in creating value targeted at offline retailers who have not fallen under the purview of traditional analytics-based customer engagement solutions. The team has already demonstrated its execution capability with rapid merchant acquisition and its ability to transform their businesses with their product," said Girish Shivani, executive director and fund manager, YourNest Angel Fund.
As part of the transaction Shivani will be part of MoMark's board.
Founded in 2012 by IIT-Madras and BITS Pilani alumni Rajesh Sanghi, MoMark facilitates loyalty and analytics-led engagement programmes for small and medium-sized retailers while enabling merchant discovery for customers. Retailers on the MoMark platform can build customised loyalty programmes, digital coupons and mobile-based promotions. Sanghi had earlier worked in IBM and has also been associated with startups prior to this venture.
"We became acutely aware that there were anomalies in the way online and offline retailers approached data and customer engagement. This is primarily due to lack of access to the right tech-enabled tools for offline retailers,"said Sanghi.
MoMark claims to have an adoption base of over 160 merchants in 58 cities and has clocked over a million transactions valued at Rs 76 crore. The company claims it has 2,50,000 unique customers transacting with merchants via the MoMark platform.
YourNest is an angel fund and has invested in Mycity4kids, Proof of Performance, Uniphore Software, Simpli5D Technologies, Bookmycab, GolfLan, BetaOut and Rubique.com.