Froogal Raises $1 Mn Seed Round From US-based Angel Investors
The funding will be used for geographical expansion, global partnership and product enhancement
Froogal leverages data-driven insights to deliver a personalised, automated and more
The global loyalty market is expected to touch $9.2K Mn by 2024
Hyderabad-based Froogal, a customer loyalty marketing startup announced on Tuesday (December 3) that it has secured $1 Mn in a Pre-Series A funding round led by US-based angel investors.
The company will be utilising the funding for geographical expansion, global partnerships and to diversify its existing product line. In the coming years, the company not only plans to expand its business to newer cities such as Mumbai, Bengaluru, Chennai and Gurugram, but also wants to partner with global vendors.
Froogal founder and CEO Jeevan Chowdary M said that the company plans to redefine the traditional customer loyalty programmes. Leverage digital methods and help enterprises develop loyalty programs that drive repeat business and build a community of loyal customers.
Founded in 2015, Froogal was started by Chowdary M and Harshit Harchani, alumni of IIIT Hyderabad. The company leverages data to deliver personalised, automated and result-oriented insights for retail outlets and brands to run marketing campaigns to boost retention. Froogal combines customer data with technologies such as AI, ML to offer loyalty programmes for brick-and-mortar businesses such as restaurants, cafes, beauty salons and other retail outlets.
Currently, the company has over 50 employees. It offers services to smaller brands such as including Cream Stone, Big C, LOT, The Thickshake Factory and Pista House among others. The company’s flagship offerings include Froogal Ascend, Froogal Seamless and Froogal Consumer App.
Froogal Ascend is an enterprise marketing tool for customer loyalty and customer experience management and analytics. Froogal Seamless helps businesses adapt a marketing strategy to improve its sales funnel across web, mobile and more. The Froogal Consumer app is a digital loyalty wallet, that lets consumers track and redeem rewards at partner establishments, ask queries and raise complaints.
According to a recent report, the global loyalty management market was valued at $ 2.6K Mn in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 23.3%, touching a value of $ 9.2K Mn over the forecast period between 2019 and 2024.
In India, CRM and loyalty programme startups are competing in a tight market with the presence of giants like SalesForce, Zoho and emerging startups like Xeno, Hashtag Loyalty, Urbanpiper and Flipkart-backed EasyRewardz among others.