Kolkata-based LNB group also participated in this round.
The company will utilise the funds to strengthen technology platform and product offering, in addition to increasing presence in existing and new markets. A part of the funds will also go into hiring top talent.
MoMark was founded in 2012 by Dr Rajesh Sanghi PhD, an alumnus of IIT Madras. It is a mobile app that facilitates loyalty and analytics-led engagement programmes for small and medium-sized retailers, while enabling merchant discovery for customers. Retailers can build customised loyalty programmes, digital couponing and mobile-based promotions on the app. They can also access analytics on consumer behaviour.
MoMark claims it has an adoption base of over 160 merchants in 58 cities, and has clocked over a million transactions worth US$11 million. As many as 250,000 unique customers transact with merchants via the MoMark platform, it said in a statement.
“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 Sanghi.
“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, Fund Manager at YourNest.
YourNest has invested in innovative startups such as mycity4kids.com, Proof of Performance, Uniphore Software, Simpli5D Technologies, bookmycab.com, GolfLan, BetaOut and Rubique.com.