MoMark raises $600,000 from YourNest Angel Fund, LNB Group
- UK billionaire Sanjeev Gupta to form listed company with Atlantis Resources
- Exit polls give BJP clear majority in Gujarat
- Chemical industries, aluminum smelters mulling coal imports as power takes priority
- Bank of England holds interest rate at 0.5%
- Disney buys Fox assets in $52 billion split of Rupert Murdoch realm
Bengaluru: MoMark Services Pvt. Ltd, a Noida-based firm that makes mobile-based customer engagement platform for small and medium businesses, on Wednesday said it raised $600,000 from YourNest Angel Fund and the LNB Group to scale its product offerings and for hiring talent.
The news was first reported by the Economic Times.
MoMark offers small retailers customer analytics as well as a point-of-sale terminal with which they can accept money from any mobile wallet.
“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, managing director, MoMark Services, in a statement.
MoMark claims to work with about 160 merchants in 58 cities, facilitating about a million transactions worth Rs.76.3 crore.
“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. The team has already demonstrated its execution capability with rapid merchant acquisition and its ability to transform their businesses with their product. We are confident that MoMark will be able to build scale while arming more retailers with the best in customer-targeted technology,” said Girish Shivani, fund manager, YourNest Angel Fund.
MoMark is one among a small but growing number of start-ups like SnapBizz (which raised $7.2 million last month), IPay Tech India Pvt. Ltd and StoreKing that aim to help small businesses like grocery stores to bridge the digital gap by targeting specific uses like payments or enabling e-commerce.
One of the biggest product start-ups in India, Capillary Technologies Pvt. Ltd, offers customer engagement solutions for large retailers.