MAKING it fun and sticky for customers was the goal with which Sameer Grover and Ashish Munjal had co-founded Crownit in 2014, and the Delhi-based app-only local merchant discovery and privileges start-up has been making cashbacks and deals exciting not just for its customers, but also for its investors. Crownit recently secured funding from FreeCharge founders Kunal Shah and Sandeep Tandon and Freshdesk founder Girish Mathrubootham. Former Snapdeal chief product officer Anand Chandrasekaran has also invested an undisclosed amount in Crownit.
Crownit had raised $ 5.5 million in Series A funding from Accel Partners and Helion Ventures in 2015. In 2014, Crownit had raised angel funding of $380,000 in three rounds.
“Our product is fun, sticky, social and has high relevance for customers,” Sameer Grover, founder & CEO, Crownit told FE. “Looking at that, Kunal, Sandeep, Girish and Anand invested in our company. We plan to continue on our path to demonstrate market leadership and creating a sustainable business.”
With this fresh infusion of funds, Crownit is targetting 20 million users, driving $1.2 billion of annual gross merchandise value (GMV) across 25 cities in India by 2019.
Grover says the aim is to replicate the success of China’s largest offline deals company, Meituan, in India.
And he wants to scale up product innovation without requiring huge amounts of capital.
Speaking about its future plans, Grover said that the firm will be spreading its wings to new cities in 2017. Currently, Crownit’s services are available in Delhi-NCR, Bengaluru and Mumbai. “We see Chennai, Pune, Hyderabad and Kolkata as our next opportunity. Our challenge is to expand consumer wallet share. Given that we are into offline spends mainly, we will turn this into an opportunity and launch more services in the online space to expand wallet share,” he said.
Targeting the offline merchants’ segment, Crownit has emerged as one of the largest players in the direct consumer discounts and deals category in India. The online-to-offline (O2O) platform, which connects consumers with local merchants, rewards them with cashbacks or crowns which can be redeemed by shopping online, booking movie tickets, paying bills, etc. The retail programme helps attract customers to outlet partners by marketing their products via the app.
* It recently got funding from FreeCharge founders Kunal Shah and Sandeep Tandon, Freshdesk founder Girish Mathrubootham and former Snapdeal CPO Anand Chandrasekaran
* Crownit connects consumers with local merchants and rewards them with cashbacks which can be redeemed by shopping online, booking movie tickets, paying bills, etc
* It is targetting 20 million users and driving $1.2 billion of annual GMV across 25 cities in India by 2019
* Crownit’s services are currently available in Delhi-NCR, Bengaluru and Mumbai. It now plans to enter Chennai, Pune and Hyderabad