Google Launchpad Startup M.paani Raises 5 Mn Dollar Series A Funding

Google Launchpad Startup M.paani Raises 5 Mn Dollar Series A Funding
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12 Dec, 2019 Uploaded by: Mick Presentation
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Mumbai-based loyalty and marketing startup m.paani on Wednesday (December 11) announced that it has raised $5.5 Mn in Series A funding. The company said that the round has been led by AC Ventures, Henkel, Candy Ventures, Kevin Aluwi, CEO and cofounder of Gojek, Ryu Suliawan, head of merchants at Gojek, and Suvir Varma, board member and senior advisor at Bain & Company, Private Equity. Existing investors Chiratae Ventures and Blume Ventures also participated in the round. Prior to this round, the company has raised $2.4 Mn from multiple investors and has been a part of Google Launchpad accelerator. The new funds will be used towards product development, accelerated growth and geographic expansion. Founded in 2014 by Akanksha Hazari, m.paani is a marketing and data analytics startup that enables local retailers to attract customers with a mobile-based loyalty programme. It develops impact-focussed loyalty programmes that leverage mobile technology as a platform to provide key products and services to the local retailers and businesses, by connecting their spends with important loyalty points. The company claims to have more than 50K retailers and 7 Mn consumers on its platform. The company further says that it is growing at over 30% per month, with a 25-member team. It claims that m.Paani has proven monetization via retailer subscriptions, delivering business growth of more than 25% to its most engaged retail partners. Akanksha Hazari-Ericson, CEO and Founder of m.Paani, said, “We have always believed in the local retailer. They win on every consumer consideration: service, quality, product selection, value, credit and delivery speed. Small businesses also account for more than 40% of employment.”

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