Funds to help MoMark penetrate deeper into markets, strengthen product offering and attract top talent
New Delhi, March 2, 2016: Noida-based Momark Services, a mobile app-based customer engagement platform and mobile wallet aggregator has raised a pre Series-A funding of USD 600,000 led by YourNest Angel Fund. Kolkata-based LNB group also participated in this funding round. MoMark facilitates loyalty and analytics-led engagement programmes for small and medium-sized retailers while enabling merchant discovery for customers. The company will utilise the funds to strengthen the technology platform and product offering, increase presence in existing and new markets as well as add top talent. MoMark has an adoption base of over 160 merchants in 58 cities, and has clocked over a million transactions worth Rs 763 million. As many as 2,50,000 unique customers transact with merchants via the MoMark platform.
MoMark was founded in 2012 by Dr. Rajesh Sanghi. A Ph.D. and M.Tech from IIT, Madras and B.E.(Hons) from BITS Pilani, Rajesh was the first IBM India employee to win the coveted IBM Gerstner Award as well as highest global technical ward, the Corporate Award. He was the Chief Architect and Lead for IBM, leading telecom major Airtel’s transformation of major IT systems and was P&L leader for Idea Cellular account of IBM. After a stint of 6 years Rajesh left IBM in 2010 and has since invested in and mentored several technology start-ups. The retail sector nous at MoMark is in the hands of C.E.O, Amit Bhatia. Amit previously lead retail solutions at NEC, across multiple markets; India, Middle East and South Asia. He is an MBA from IIM (C).
MoMark was founded with the vision to bridge the gap in access to effective customer engagement programmes for offline retailers, especially small and medium merchants. Retailers on the MoMark platform can not only build customised loyalty programmes, digital couponing and mobile-based promotions, but also access analytics on consumer behaviour without the associated investment. Notably, MoMark equips their existing POS systems with the ability to accept all major mobile wallet payments, a step that will help retailers increase transactional values and retain customers.
“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. MoMark aims at removing this anomaly, helping retailers adopt customer engagement functions that they’ve not experienced before”, said Dr Rajesh Sanghi, MD, MoMark Services.
“MoMark’s presence includes, but goes beyond big brands and metros. One can find a MoMark-enabled outlet in Basti, Haldwani, Sambalpur and many tier-3 cities. The response has been extremely positive and with the fresh funds, look at expanding rapidly” said Amit Bhatia, CEO, MoMark Services.
“MoMark has nailed the 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. We are confident that MoMark will be able to build scale while arming more retailers with the best in customer-targeted technology” said Girish Shivani, ED and Fund Manager, YourNest Angel Fund and Board Nominee at Momark.
YourNest is an Angel Fund that believes in ‘liberating human potential’ while investing in technology enabled vibrant, new business ideas. With a sharp focus on scalable ventures across the landscape of mobile, internet and cloud, YourNest is committed to helping start-ups become significant, meaningful businesses. YourNest supports “very few ideas” as it invests with conviction and operates in the areas that they know the best. YourNest has invested in innovative start-ups like mycity4kids.com, Proof of Performance, Uniphore Software, Simpli5D Technologies, bookmycab.com, GolfLan, BetaOut and Rubique.com. For details, please refer to http://www.yournest.in.
About LNB Group
The LNB Group is one of India’s leading diversified business conglomerates. The group was founded by Mr. Ramcoowar and Mr. Mugneeram Bangur in 1918. From 1930 till 1970, it was constantly ranked among the top five-business houses in India. Today, the group has interests in textiles, tea plantations, agriculture, warehousing, real estate, renewable energy, financial services and health & wellness services. For details, please refer to http://www.lnbgroup.com/