Mobile wallet aggregator MoMark raises $600k from YourNest Angel Fund

Mobile wallet aggregator MoMark raises $600k from YourNest Angel Fund.

Mobile app based customer engagement platform MoMark Services raised $600,000 in pre-series A funding led by YourNest Angel Fund and Kolkata based LNB group.

Bengaluru | Mar 02, 2016 03:31 AM IST.

MoMark would be using the raised funds to further strengthen its Mtech platform. The company will utilize the funds to strengthen its technology platform and product offering, increase presence in existing and new markets as well as add talent. "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 Rajesh Sanghi, MD, MoMark Services as reported by ET Bureau.

Retailers on the MoMark platform can build customised loyalty programs, digital couponing and mobile-based promotions, and can also access analytics on consumer behaviour. The company is also planning to bring in more features and increase its workforce from 40 to 100 in the coming financial year. It is also working on O2O coupon solutions wherein a customer can walk in an offline store and after the purchase, get a discount coupon for the online store and vice versa.
"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," said Girish Shivani, ED, YourNest Angel Fund.
 

Contributors: