PromOn had launched its beta site in October 2015 by raising $100K as seed funding from Jaarvis Accelerator
New Delhi - Sept 29, 2016. RedNewswire/-
Local commerce platform Promon.in has raised $180K in a bridge round of funding from Delhi-based investment firmNow Capital.Jaarvis Acceleratorbacked PromOn which was founded by Former GroupOn executive Sarabjeet Anand, by providing funding amount of $100K by which it launched its beta site in October 2015.
The Company is now looking to raise $2 million in a Series A round of funding before 2017 from their current and potential investors, to expand its operations to Chandigarh, Mumbai and Bengaluru.
Sahil Baweja, co-founder, Now Capital, said..
“Discounts are ubiquitous, but for many vendors, entering the discount wars has resulted in a commoditization of their product- in turn increasing customer acquisition costs, limiting CLV (customer lifetime value) and diluting loyalty. By providing curated branded content and events – PromOn’s one-of-a-kind solution will enable users to engage more deeply with a brand and avail not just discounts but experiences they connect with.”
Sarabjeet Anand, CEO, Promon, said..
“The funding amount will be used to further enhance our content’s reach to our target audience and merchants across Mumbai and Bangalore. We will be also allocating the funds to launch our first show on MTV‘Date To Remember’ which is strategized at promoting and educating people about the deals they can get in their city."
The startup is a deals-based consumer engagement platform for retailers to get customers. To avail deals the customer has to promote the seller via personalised digital advertisements on social networking sites.
Their mode of revenue is through ad subscriptions and pay-per-view over the locked vouchers. Every voucher is locked and the viewer has to watch to watch an ad to unlock it. These ads are highly targeted as they are based on users actions and buying patterns.
The company aims to attract consumers through entertainment programmes, music concerts and sports.
Within four months of its launch, Promon has been associated with more than 200 food and beverage merchants showcasing 1,000 products.
Sahil Baweja and Ankit Gupta from Now Capital will join Promon as directors and will help the team in forming corporate strategies.