Noida-based, MoMark Services Pvt. Ltd, that makes mobile-based customer engagement platform for small and medium businesses, has raised $600k from YourNest Angel Fund and the LNB Group. The fresh funds will be used to scale its product offerings and for hiring talent.
Commenting on the development, Rajesh Sanghi, Managing Director, MoMark Services, said, “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.”
The company claims to work with about 160 merchants in 58 cities, facilitating about a million transactions worth Rs.76.3 crore.
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 its 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.