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Rewards app Kloseby raises seed funding

26 November, 2016

Rewards app Kloseby has raised $100,000 (around Rs 68 lakh) in seed investment from an undisclosed investor, it said in a statement.

Kloseby, run by Cloudnine Technologies Pvt. Ltd., helps users earn rewards when they visit stores. It also enables businesses to get better visibility.

The funds will be used for building technology and hardware, and expanding the tech team. The firm also plans to invest in user acquisition for mobile app on the business to consumer (B2C) side and merchant and client acquisition on the business to business (B2B) side.

The company was founded in 2016 by Gaurav Garg, an IIM Kozhikode alumnus, and Rahul Sindhu, who has earlier worked at Agreeya Mobility, an enterprise mobility company, and Motorola.

In the B2C segment, Kloseby helps improve in-store user experience, enables users to save and earn money, provides a discovery platform for in-store deals, offers and discounts along with indoor navigation. In the B2B segment, it helps retailers, banks and companies improve customer engagement and leverage proximity infrastructure for enhanced visibility of products and services.

Currently, Kloseby has offices in Pune and Bangalore.

In a similar segment, GoldVIP Technology Solutions Pvt. Ltd, which runs mobile-based marketing and customer rewards management platform Crownit, raised a Series B round of funding from a Silicon Valley-based investor and a Mumbai-based investor in May this year. Existing investors, Accel Partners and Helion Venture Partners also participated in the funding round. 

In April, loyalty rewards platform m.Paani raised an undisclosed amount in its pre-Series A round of funding led by Blume Ventures.

Last year, Nanolocal Technologies Pvt Ltd, which runs rewards app Bounty, raised an undisclosed amount in seed funding from Fireside Ventures, Mumbai Angels and MAPE Advisory Group. 

The deals space is dominated by players such as Rocket Internet-backed CupoNation, Nearbuy, Info Edge-backed MyDala, Shop Pirate, CashKaro and CouponDunia.

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Rewards app Kloseby raises seed funding

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