Wednesday, May 22, 2024
HomeStart UpCustomer loyalty startup Reelo raises $1M in funding 

Customer loyalty startup Reelo raises $1M in funding 

Reelo, a customer loyalty and marketing startup, secured $1 million from solo capitalist Gokul Rajaram, a Silicon Valley-based angel investor known for backing companies like online marketplace Faire, Figma, and collaboration software startup Airtable.

Based in Ahmedabad, Reelo plans to use the funding to fuel its growth initiatives. This includes hiring across all departments, expanding into current and new global markets, and improving its artificial intelligence and machine learning capabilities.

Founded in 2021 by siblings Prit and Parin Sanghvi, Reelo offers marketing tools tailored for small and mid-sized businesses. By integrating its platform with point-of-sale (PoS) billing software these businesses use, Reelo allows them to collect customer data. The platform then automates marketing strategies and implements loyalty programs to enhance customer retention and gain valuable insights.

Reelo has collaborated with several PoS billing software providers, including Petpooja, DotPe, TMBill, and others.

Parin Sanghvi, Reelo’s CEO, observed a trend in the US where brands are reallocating their marketing budgets from acquisition to retention, prioritizing loyalty.

“In India, everyone was just giving deals and discounts, and all these flashy discount apps and companies were making it unsustainable for small and mid-sized businesses. That’s how I decided to join hands with my brother with the idea of leveraging technology and data to empower businesses to grow,” he said. 

In addition to customer loyalty programs, Reelo provides customer acquisition solutions such as referral programs and smart QR codes. Recognizable brands in the food and beverage sector, including Jumbo King, Jamie’s Italian, and Punjab Grill, utilize Reelo’s platform.

“We have some of the best brands in the country in the food and beverage space, as well as other retail spaces like clothing and jewellery stores. Now that we have a good product and strong market penetration, the goal is to expand further,” Sanghvi said. 

Expanding globally is a primary goal for Reelo, which operates in nine countries across regions like the Middle East, Africa, and Southeast Asia. Plans to enter the US market are in progress.

With over 17,000 businesses onboarded and engagement with over 16 million customers, Reelo operates on a freemium model. It offers a 14-day trial period followed by yearly subscriptions priced at Rs 24,000 or quarterly plans at Rs 7,000 for businesses to access all its services.

With the injection of funds, Sanghvi aims to hire senior professionals for critical roles such as head of product, head of marketing, senior designer, and others.

“Reelo’s simple and easy-to-use product requires zero expertise and solves a key pain point faced by the ecosystem. I am thrilled to support them in their mission and look forward to helping them continue to serve businesses globally,” said Rajaram, a board member at companies such as Coinbase and Pinterest. 

Other prominent global players in the customer loyalty and engagement sector include Thanx in the US and TapMango in Canada.

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