MoMark Services Pvt Ltd, a Noida based startup that aggregates mobile wallets and runs an app-based customer engagement platform for offline retailers, has raised about R4 Cr ($600 K) in Pre Series A funding led by YourNest Angel Fund.
The round also saw participation from Kolkata-based LNB group. With the deal, Girish Shivani (fund manager, YourNest Angel Fund) will be part of MoMark’s board.
The company will utilize the funds to strengthen its technology platform, expand presence and hiring new talent.
Founded in 2012 by IIT Madras alumnus Dr. Rajesh Sanghi, MoMark offers small retailers customer analytics as well as a point-of-sale terminal with which they can accept money from any mobile wallet. Currently, the startup has over 160 merchants in 58 cities on its platform, and has clocked over a million transactions over R750 Mn.
The company claims to have 2,50,000 unique customers transacting with merchants via the MoMark platform.
YourNest is an angel fund and has invested in Mycity4kids, Proof of Performance, Uniphore Software, Simpli5D Technologies, Bookmycab, GolfLan, BetaOut and Rubique.com.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.