Bangalore based Nano-local commerce app, ‘bounty’ has raised an undisclosed seed round of investment from Fireside Ventures, Mumbai Angels and MAPE Advisory Group.
The round also saw participation from Basab Pradhan, former Global Head of Sales and Marketing at Infosys, and real estate group scion Apurva Salarpuria of Salarpuria Group.
Bounty is a platform for customers to earn rewards seamlessly and for retail businesses to drive footfall, track customer behavior within the store and incentivize purchases.
Once customers download the app, bounty automatically checks in the user whenever they visit a bounty recognized business location. Users earn rewards for checking in, while retail businesses can promote their offers through personalized and targeted campaigns.
The 7-month-old startup will use the funds for expanding to other cities, adding new retail categories and enhancing the product and technology stacks.
“Brands need to personalize offers, services and experiences to suit a consumer starting with courting the customer, getting to know them better and tailoring contextual communication to drives sales or service. Bounty provides the perfect platform for brands to reach out to consumers in a cost effective and meaningful way,” said Satish Medapati, Founder & CEO.