Reelo, an Ahmedabad-based business sponsored by Gokul Rajaram, raised $1 million. In addition to loyalty schemes, Reelo provides customer acquisition solutions such as referral programs and smart QR codes.
Reelo, a customer loyalty and marketing firm, has secured $1 million from Silicon Valley-based angel investor Gokul Rajaram, who has previously invested in online marketplace Faire, Figma, and collaborative software startup Airtable.
Based in Ahmedabad, Reelo intends to use the new funding to fuel its expansion ambitions, which include increasing recruiting across all departments, extending its footprint in current and new worldwide markets, and improving its artificial intelligence and machine learning skills.
Reelo, founded in 2021 by the siblings Parin and Prit Sanghvi, which is a suite of marketing solutions for small and medium-sized business companies. By joining its platform with the PoS billing systems of these firms, Reelo’s companies have been enabled to gather their clients’ information. Subsequently, the platform can run marketing campaigns with optimization and make loyalty programs to extend customer lifetime as well as generate new information.
Reelo partnered with the widely known till-based billing software suppliers; Petpooja, DotPe, TMBill, and Posist Technologies, amongst others.
Parin Sanghvi, CEO of Reelo, asserts that many companies, even in the US have changed their marketing budgets ranging from acquisition to retention by stressing loyalty.
“In India, everyone was only offering deals and discounts, and all of the shimmering discount applications and companies were making the situation that small and medium-sized businesses weren’t profitable. And that’s the point that I worked with my brother on the idea of us of using technology and data to help businesses prosper,” he explained.
Moreover, Reelo’s customer engagement solutions include loyalty programs, referrals, and smart QR codes. The Reelo platform is frequented by renowned food and beverage companies, including Jumbo King, Jamie’s Italian, and Punjab Grill.
We walk straight into some of the best brands in the country for food and beverages and also visit other retail stores selling clothes and jewelry. “Now, we can boast of a good product quality and infiltration in the market, so we are confidently aiming for even more growth,” Sanghvi concluded.
He stressed that global expansion is being pushed forward constantly. This stage has already been reached, and the enterprise functions in nine countries in the Middle East, Africa, and Southeast Asia. It is now actively trying to conquer (or enter) the US market.
Reelo presently has over 17,000 businesses on its platform and has engaged with over 16 million customers. It uses a freemium approach, with a 14-day trial period followed by annual subscriptions at Rs 24,000 or quarterly plans at Rs 7,000 for enterprises to access all of its services.
Sanghvi stated that with the new funding, he plans to hire top experts for important jobs such as director of product, head of marketing, senior designer, and others.
“Reelo’s product is straightforward and easy to use, requiring no expertise and addressing a key pain point in the ecosystem. I am happy to assist them in their objective and look forward to continuing to serve businesses around the world,” said Rajaram, who also serves on the boards of Coinbase and Pinterest.
Other significant global players in the customer loyalty and engagement market include Thanx, located in the United States, and TapMango, based in Canada.
