Mobile Wallet Aggregator MoMark Services Raises USD$600K Led By YourNest Angel Fund
An app based customer engagement platform for small and medium businesses and mobile wallet aggregator, MoMark run by MoMark Services Pvt. Ltd, has raised USD $600k (around INR 4 Crore) from YourNest Angel Fund and Kolkata based LNB Group. The raised capital will be used to scale up its product offerings and team expansion.
Mobile wallet aggregator MoMark offers small retailers customer analytics as well as a point-of-sale terminal with which they can accept money from any mobile wallet.
On this development Rajesh Sanghi, Managing Director MoMark Services said, “We became acutely aware that there were anomalies in the way online and offline retailers approached data and customer engagement. This is primarily due to lack of access to the right tech-enabled tools for offline retailers. MoMark aims at removing this anomaly, helping retailers adopt customer engagement functions that they’ve not experienced before.”
The company claims to work with about 160 merchants in 58 cities, facilitating about a million transactions worth Rs.76.3 crore.
MoMark was founded with the vision to bridge the gap in access to effective customer engagement programmes for offline retailers, especially small and medium merchants.
It is also working on O2O coupon solutions wherein a customer can walk in an offline store and after the purchase, get a discount coupon for the online store and vice versa.
Retailers on its platform can not only build customised loyalty programmes, digital couponing and mobile-based promotions, but also access analytics on consumer behaviour without the associated investment.
Notably, MoMark equips their existing POS systems with the ability to accept all major mobile wallet payments, a step that will help retailers increase transactional values and retain customers.