Founded by Satish Medapati, Bangalore-based ‘nanolocal commerce’ app, ‘Bounty’ has raised an undisclosed seed round of investment from Fireside Ventures, Mumbai Angels and MAPE Advisory Group. Basab Pradhan, former Global Head of Sales and Marketing at Infosys, and real estate group scion Apurva Salarpuria of Salarpuria Group have also participated in the round.
The term ‘nanolocal’ as defined by Satish Medapati, refers to all information that is real-time or near-real-time, and are primarily based on one’s needs and intent.
Bounty is a platform for customers to earn rewards seamlessly and for retail businesses to drive footfall, track customer behavior within the store and incentivize purchases. Once customers download the app, bounty automatically checks in the user whenever they visits a bounty recognized business location.Users earn rewards for checking in, while retail businesses can promote their offers through personalized and targeted campaigns.
The app currently available on Google Playstore has more than 100K+ downloads and a high repeat user rate. bounty claims that as India’s fastest growing rewards app, it is also the first to launch a smartwatch check-in in India. Bounty’s app downloads grew more than 14X times in the last 6 months and check-ins by users grew by more than 25 times – all without any advertising or marketing. The app so far has driven more than 1 Mn check-ins and rewarded users with more than 20 million bounty points