29 September 2016, India :
A local commerce platform Promon.in has raised $180,000 in a bridge round of funding from Delhi-based investment firm Now Capital, Sarabjeet Anand stated.
Former GroupOn executive Sarabjeet Anand founded Delhi-based PromOn in 2015. It had launched its beta site in October 2015 by raising $100,000 Seed funding from Jaarvis Accelerator.
Sahil Baweja, co-founder, Now Capital, “Discounts are ubiquitous, but for many vendors, entering the discount wars has resulted in a commoditisation of their product- in turn increasing customer acquisition costs, limiting CLV (customer lifetime value) and diluting loyalty. By providing curated branded content and events – PromOn’s one-of-a-kind solution will enable users to engage more deeply with a brand and avail not just discounts but experiences they connect with.”
Sahil Baweja and Ankit Gupta from Now Capital will join Promon as directors and will help the team in forming corporate strategies. Within four months of its launch, Promon has been associated with more than 200 food and beverage merchants showcasing 1,000 products. By June, the startup had distributed about 10,000 vouchers and was clocking monthly gross merchandise value of Rs 5 lakh. Source- techcircle