IIFL Fintech Fund Invests $2 million in EasyRewardz

Financial Services conglomerate IIFL Group today said that its early-stage investing vehicle IIFL Fintech Fund has invested $2 million in EasyRewardz Software Services Pvt. Ltd, a company that offers services related to loyalty-based rewards as a part of its Series B Funding. EasyRewardz has earlier raised funds from Transcontinental Venture and Flipkart. 

The capital infusion in EasyRewardz will be used to expand its operations and develop new products. EasyRewardz offers industry agnostic cloud based CRM, loyalty, and conversational commerce solutions that enable seamless omni-channel customer experience. The company’s key clients of the company in the BFSI space include- RBL Bank, ICICI Bank, Bajaj Finserve.

Gurgaon-based EasyRewardz was founded by Tejas Kadakia, Soumya Chatterjee, Angad Singh and Sapan Kadakia in 2011. It enables members to track and manage their loyalty balances across BFSI, retail and shopping programmes all from a single dashboard.

In August 2021, IIFL Fintech Fund was established with a dedicated Rs 140 crore sponsorship from two group companies - IIFL Finance and IIFL Securities. The financial services group with a large retail interface is aiming to offer last-mile credit with the help of cost-effective technologies. Before investing in EasyRewardz, the fund has already made eight investments -- Leegality, FinBox, Trendlyne, DataSutram, Multipl, Finarkein, TrustCheckr and Open Financial Technologies – within eight months of its existence.

The fund is an extension of #IIFLDisrupt program launched by IIFL Group in 2020 that aimed to provide financial, mentoring and business support to solution oriented Fintechs, as pandemic affected the economy and start-up space.