Customer Loyalty Startup Reelo Secures $1 Million in Funding, To Fuel Expansion and Enhance Tech Capabilities
Reelo, a Ahmedabad-based customer loyalty and marketing startup, has made headlines by raising $1 million from Gokul Rajaram, a Silicon Valley-based angel investor.
As per the startup, the freshly raised funds will be used to fuel its growth initiatives, including ramping up hiring across all departments and expanding its footprint in current and new global markets. Further, the startup plans to use part of the raised capital to enhance its artificial intelligence and machine learning capabilities.
Reelo | Customer Data & Marketing Platform
Founded by brother duo Prit and Parin Sanghvi in 2017, Reelo is an Ahmedabad-based customer loyalty and marketing startup that offers a suite of marketing tools designed for small and mid-sized businesses.
Making customer retention & engagement easy for every retail business, the Ahmedabad-based has partnered with various PoS billing software providers such as Petpooja, DotPe, and TMBill, among others. Reelo integrates its platform with these point-of-sale systems to collect customer data efficiently, allowing it to automate marketing strategies and develop loyalty programs that focus on retaining customers and deriving insightful analytics.
Speaking about the development, Parin Sanghvi, Co-founder and CEO of Reelo, said,
“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.”
The platform is utilized by notable brands in the food and beverage sector, including Jumbo King, Bikanerwala, Gwalia Sweets, La Pinos, Jamie’s Italian, and Punjab Grill, enhancing their customer engagement and acquisition strategies.
Statement from the Investor
Commenting on the development, Gokul Rajaram, an angel investor and board member at companies like Coinbase and Pinterest, highlighted the effectiveness of Reelo by stating that its product is simple and easy to use, requiring zero expertise. He emphasized that the brand solves a key pain point faced by the ecosystem.
Rajaram,
“I am thrilled to support them in their mission and look forward to helping them continue to serve businesses globally.”
Rajaram is also an investor in several firms, including online marketplace Faire, Figma, and collaboration software startup Airtable.
As per Sanghvi, Reelo, which currently operates in nine countries across regions like the Middle East, Africa, and Southeast Asia, has set its sights on global expansion. The company has ongoing plans to enter the US market.
Reelo has successfully onboarded over 17,000 businesses to its platform, engaging more than 16 million customers. The company operates on a freemium model, which includes a 14-day trial period. Following the trial, businesses can choose between yearly subscriptions at Rs 24,000 or quarterly plans at Rs 7,000 to access all of Reelo’s services.
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