CheckRewards, a cashback app serving as a shopping companion, has secured a $1.2 million investment from Germany’s Mitgo Group. This funding not only provides financial support to CheckRewards but also includes networking opportunities and regional expertise from Mitgo Group. The investment aligns with Mitgo’s broader plan to invest $100 million in innovative projects by 2025 as part of its venture builder initiative for startups.
Cashback App Market Trends in India
The cashback app market in India, valued at over Rs 500 crores, reflects the growing popularity of e-commerce and increasing consumer preferences for online shopping platforms. Mitgo recognizes these trends and views CheckRewards as a strategic investment within this expanding market.
CheckRewards’ Unique Value Proposition
CheckRewards serves as a comprehensive budget management tool, offering users access to promotions, cashback rewards for everyday purchases, and receipt scans. For brands, the app provides innovative advertising opportunities, including geo-targeting and customer preference-based targeting. The startup aims to collaborate with major FMCG, retail, and food brands, including industry giants like Noon, Amazon, Samsung, Dyson, Starbucks, and H&M.
Mitgo Group’s Confidence in CheckRewards
Alexander Bachmann, CEO of Mitgo Group, expresses confidence in CheckRewards’ potential and vision. Mitgo Group’s investment comes as part of a seed round, and Bachmann highlights the exceptional leadership of Artem Ostapenko, CheckRewards’ CEO.
Growth Plans and Future Investments
Artem Ostapenko, CEO of CheckRewards, outlines the company’s plans, which include securing the next round of investments for expanding into new markets. CheckRewards aims to transform the cashback experience for users while facilitating business growth.
Loyalty Market Outlook in India
According to market research firm Research and Markets, the loyalty market in India is projected to grow by 14.2% annually, reaching $4795.6 million in 2023. By 2027, it is expected to expand further to $8101.3 million, indicating significant opportunities for companies operating in this space