Froogal, a Hyderabad-based loyalty and engagement platform which rewards users for their shopping habits, has raised $1 million in a Pre-Series A funding round.
The investment was reportedly led by a bunch of US-based angel investors and will be used by the company to expand its footprint and enhance its platform.
Here's everything to know about Froogal.
First, a bit about Froogal and its work
Froogal was started by two IIIT Hyderabad alumni- Jeevan Chowdary M and Harshit Harchani in 2016.
The start-up collects customer data from offline businesses and uses the same to run personalized AI-powered marketing campaigns and offer loyalty and reward programs to users.
This helps companies strengthen their relationships with existing users while also acquiring new customers at the same time.
Froogal's flagship products on offer
At present, the company has a strength of over 50 people and its flagship products include Froogal Ascend, Froogal Seamless, and Froogal Consumer App.
The former two are B2B tools that help businesses by providing analytical and marketing strategy solutions, respectively, while the latter is a customer-centric tool that lets them track and redeem rewards, ask queries, and raise complaints.
Helping businesses by automating most of their marketing needs
"Through our tailor-made offerings, we help brands develop loyalty programs that can drive repeat business and build a community of loyal brand advocates," said Jeevan, the CEO of Froogal, while speaking about the company's latest fund-raise.
"Broadly speaking, Froogal acts as an intelligent tool for CXOs, automating most of their marketing needs," he added.
How the company will utilize the fresh funds
Talking about future plans, Jeevan said, "With this round of funding, we aim to expand across new markets and target audiences. It will also help us strengthen our technological framework and diversify our product portfolio."
Besides that, Froogal will also invest the capital in partnering with global vendors and grow its footprint in Tier I cities such as Bengaluru, Mumbai, Chennai, etc.