Gurgaon-based GoldVIP Technology solutions which runs the hyperlocal app Crown-it has raised $5.5 million in funds from Accel Partners and Helion Venture Partners.
GoldVIP had previously raised early-stage funds from individual investors in 2014. Crown-it, which was launched in July last year, provides technology to local businesses to run affiliate marketing programmes and charges the merchants a marketing fee for sales driven at the outlets. A part of this fee is provided as cash-back to the consumers.
The users can find local eateries and shopping outlets which are running the offers. The consumer has to just click a picture of the bill and upload the photograph on the app to redeem the offer.
“We charge merchants on the business we actually give them,” said Sameer Grover, Founder and CEO, reports TOI. Adding further, he said, “We help users discover and experience places which are relevant to them and around them, besides getting rewarded for visiting those merchants.We give merchants a measurable RoI (return on investment) marketing channel and charge them on the business we actually give them.
Currently, it is operational only in the Delhi-NCR region.
According to the company, the raised funds would be used to expand its services to new cities, adding new retail categories and upgrading technology. It plans to grow to 20 million users in three years across 25 cities in India.
A couple of players in this arena of providing hyper local apps showcasing offline offers include Niffler, CouponDunia among others.Category Investments