India Dealbook: MoMark raises $600k; Nandan Nilekani backs robotics firm Systemantics

Mobile wallet aggregator and mobile app-based customer engagement platform MoMark raised $600k funding led by YourNest Angel, with participation from LNB Group. Meanwhile robotics firm Systemantics raised funds from Nandan Nilekani and Accel Partners.

Mobile wallet aggregator MoMark raises $600k led by YouNest Angel

Mobile wallet aggregator MoMark Services has raised a pre series-A funding of $600,000 led by YourNest Angel Fund. Kolkata-based LNB group also participated in the funding round, according to a company release.

The company, which is also a mobile app-based customer engagement platform, will utilise the funds to strengthen its technology platform and product offering, increase presence in existing and new markets as well as add talent.

MoMark provides retailers a platform wherein they can build customised loyalty programs, digital couponing and mobile-based promotions, and can also access analytics on consumer behaviour. The company is also planning to bring in more features and increase its workforce from 40 to 100 in the coming financial year.

“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,” said Rajesh Sanghi, MD, MoMark Services.

The company 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.

Robotics firm Systemantics raises funds from Accel Partners, Nandan Nilekani

Robotics firm Systemantics has raised another round of funding from venture capital firm Accel Partners and Infosys Co founder Nandan Nilekani, according to a report in The Economic Times.

Details of the investment were not disclosed in the report.

In 2014, the company which builds industrial robots for the manufacturing sector, raised an undisclosed amount in funding from venture capital fund, Blume Ventures.

The latest investment in Systemantics will mark at least the seventh venture that has been backed by Nilekani, who has actively invested in early-stage startups.

In the last one year, Nilekani has also backed Team Indus, Fortigo, Mubble, Juggernaut, Lets-Venture and Power2SME. He has also co-invested in a number of these ventures with Accel, including Fortigo and Power2SME.

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