Reelo has secured $1 million funding lately led by investor Gokul Rajaram, who is well known for investing in companies like Pinterest, Coinbase, Faire and Figma. With the fresh fund, the startup, which is a leading provider of customer loyalty and marketing automation solutions for restaurants and retail businesses, can propel forward its mission to democratize enterprise-level data analytics and simultaneously the AI-driven marketing technology for small players in the restaurant and retail segments.
Reelo aims to empowering the said businesses by providing sophisticated tools which were earlier just accessible to larger enterprises. It plans to accelerate its growth with team expansion across all departments.
It is learned the funds will also help the company in enhancing its AI and machine learning capabilities to come up with a personalized data-driven assistant that automates marketing tasks for businesses. This will alleviate their operational burdens.
Reelo founder and CEO Parin Sanghvi expressed his excitement about the prospects of the company and highlighted the transformative impact it can have on customer engagement for restaurants and retail brands. He emphasized the need for businesses to differentiate themselves. However, he showed concerns related to customer acquisition costs and retention challenges.
Until now the company has demonstrated impressive growth. It has witnessed a threefold increase in its business volume year on year. It currently serves over 17,000 businesses across regions such as India, the Middle East and Africa. It has successfully engaged more than 16 million customers and facilitates over 2 million transactions on monthly basis.
Some of its clients to name here are Jumboking, Lite Bite Foods, Aditya Birla Group Hospitality and Jamie’s Italian.
