Offline retailers have no mechanism to engage with the customer effectively apart from traditional loyalty programs. The lack of engaging feedback loop from the customer leads to customer churn thereby decreasing CLV with the current models.
We Founder Circle (WFC) – a startup investment platform, in continuation of its mission to seed fund early-stage startups, has invested in Karnival, a SAAS Customer Engagement Platform for retailers and brands to create personalized post-purchase customer journeys using smart receipts technology.
Offline retailers have no mechanism to engage with the customer effectively apart from traditional loyalty programs. The lack of engaging feedback loop from the customer leads to customer churn thereby decreasing CLV with the current models. Omni-channel customer journey required engaging with customers post-purchase to add value to the engagement. The traditional loyalty programs have a lot of friction which leads to customer drop-out. Karnival with its frictionless SAAS platform reaches out to customers digitally post-purchase using the Smart Receipt platform. This opens a huge opportunity for post-purchase commerce.
The seed round worth USD 250K witnessed participation from marquee investors including Krishna Kumar- Founder Simplilearn, Dravya Dholakia -Dholakia Ventures, , Shashwat Kumar- Khetal Advisors Singapore, Abhay Tandon -Corporate Leader, Dinesh Agrawal- Corporate Leader; Avnish Sabharwal- Corporate Leader; Abhishek Kishore Gupta -Corporate Leader; Suman Das- Corporate Leader and Karnival had previously raised USD 35K in the pre-seed round in 2020 from Sanjay Mehta backed 100X.VC
“Post pandemic, not only have people become more digitally equipped, but also businesses. As businesses are looking for solutions to expand, operate, manage and serve remotely, SaaS and cloud-based solutions will play a big role. Also, for this particular sector, we in India are blessed with both quality talent and economic viability. This together widens the scope for Indian startups like Karnival who are offering global solutions, to make an impact both in India & globally” said Mr. Neeraj Tyagi- Co-Founder and CEO, We Founder Circle.
“There is always a need for constant innovation. Karnival is playing the same role in the retail sector. Indian retail industry is worth more than USD 1 Trillion Now, we are trying to leap into a sector that big. The objective is to move from paper-based receipts to smart digital receipts to create an ecosystem keeping customer experience unique. In a very short period, we have already associated with leading retailers and brands, revolutionizing their procedures. We aim at associating with over 500 brands by 2021 FY end,” said Mr. Siddharth Mishra- Founder and CEO, Karnival.
The company’s platform is implemented with over 50 marquee retailers and brands including Aditya Birla Retail Limited, Titan Company Limited, Lulu Group UAE, Spar Hypermarket, Fab India, Pantaloons. It is already deployed at 5000+ stores and is generating 4.5Mn receipts a month and facilitating more than USD 100Mn worth of transactions.
Source: Business World