OPEN APP
Home >Companies >News >Crown-it raises $5.5 million from Helion, Accel Partners

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.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout