Gurgaon-based Canaan Partners, known for its early stage investments into tech and related sectors, has pumped in $4.4 million (Rs 20 crore) into Loylty Rewardz, a “loyalty and relationship management company.”
Established in 2006, Loyltly helps “conceptualize, develop and operate loyalty programs — such as discounts, rewards, contests etc..
“Loylty Rewardz helps brands achieve successful customer retention and loyalty by analyzing customer behavioral patterns, installing appropriate rewards & recognition mechanisms and by leveraging cutting edge technology.
“The company processes millions of card transactions every month to reward loyalty points to customers who account for more than 56% of all the credit and debit card base in the country,” Canaan said.
Canaan, which has operations in countries like the US and Israel, is well known for its very early stage and somewhat risky calls on budding entrepreneurs, often with radical ideas.
After securing this funding, Bijaei Jayaraj, CEO of Loylty, commented, “We are excited to have Canaan Partners as our financial investors which helps us to take our organization to the next orbit of growth. We value Canaan Partners deep cross industry knowledge and look forward to an exciting phase of accelerated growth for Loylty Rewardz.”
Jayaraj said the investment will be used to “increase investment in the technology platform to support millions of transactions on a monthly basis, expand sales and marketing to expand base of issuers, broaden the merchant network across Tier 2 and Tier 3 towns and launch new loyalty product for consumers with built-in mobile engagement.”