Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Crown-it raises $5.5 million from Helion, Accel Partners
BackBack

Crown-it raises $5.5 million from Helion, Accel Partners

The company plans to use the funds to expand its services to new cities, adding new retail categories and upgrading technology

Gurgaon-based GoldVIP provides cash-back deals at restaurants and had previously raised early-stage funds from individual investors in 2014.Premium
Gurgaon-based GoldVIP provides cash-back deals at restaurants and had previously raised early-stage funds from individual investors in 2014.

Mumbai: GoldVIP Technology Solutions Pvt. Ltd, which runs the Crown-it mobile app, said on Monday that it has raised $5.5 million from Accel Partners and Helion Venture Partners.

Gurgaon-based GoldVIP provides cash-back deals at restaurants and had previously raised early-stage funds from individual investors in 2014.

The company plans to use the funds to expand its services to new cities, adding new retail categories and upgrading technology. Currently, it is operational only in the Delhi-NCR region. It plans to grow to 20 million users in three years across 25 cities in India.

“We help users discover and experience places which are relevant to them and around them, besides getting rewarded for visiting those merchants.We give merchants a measurable RoI (return on investment) marketing channel and charge them on the business we actually give them," said Sameer Grover, founder of the company.

Crown-it helps consumers discover local restaurants and outlets, offers cash-back that can be redeemed while shopping on a few e-commerce companies listed with Crown-it. The consumer has to just click a picture of the bill to redeem the offer. In addition to this, Crown-it provides technology to local businesses to run marketing programmes and charges the merchants a marketing fee for sales driven at the outlets. A part of this fee is provided as cash back to the consumers.

The company is targeting the food and beverages, health and wellness and beauty. It will also look at categories like florists, gift shops and even local kirana stores. It has currently listed 5,000 restaurants.

Other start-ups in the cash-back, deals and discounts space include cashkaro.com, and Gopaisa.com. In May 2014, Times Internet Ltd bought a stake in CouponDunia.com.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 18 May 2015, 07:16 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie