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News

Restaurant deals aggregator Twyst raises seed funding

on

GMV of INR 50 crore on the anvil, funds will help it expand to other Indian cities.

Gurgaon-based Twyst, a startup that assists food & beverage (F&B) outlets to acquire and retain customers through deals, has raised an undisclosed amount in seed funding from Taplow Executive Search’s Rohit Bhatia, serial entrepreneur Sunil Nikhar and other investors.

Vaibhav Domkundwar, CEO, Better Labs & Siddharth Nautiyal, former director, Bessemer Ventures also put money in this round, as per a press statement. The company will use the funds raised to expand operations to other Indian cities and for acquiring more customers.

Rahul Chakraborti, CEO, Twyst said the company is launching the new Twyst app to go beyond loyalty rewards while continuing to focus on the retail space.

Twyst assists merchants to set up and run targeted reward programmes to drive new and repeat customers by incorporating loyalty programmes into the marketing mix. Its customer engagement platform provides users with personalised recommendations of dining outlets in the vicinity. Users are rewarded with vouchers and deals if they frequent certain places.

Twyst claims to have a user base of over 150,000, of which 45% are repeat users. It competes with the likes of Crownit, Clozerr and Paymango. Crownit had recently secured USD 5.5 million in Series A funding from Accel Partners and Helion Venture Partners. Paymango, founded by former CTOs of PayU and Zomato, raised angel funding of USD 234,000 in June this year.

“We are aiming to clock GMV of INR 50 crore,” said Abhimanyu Lal, CEO, Twyst.

Twyst has tie-ups with over 300 F&B outlets across Delhi NCR. It was launched by Lal, Chakraborti and Arun Rajappa in March 2014. Before starting the company, Lal worked as eBay’s marketing head while Chakraborti and Arjun worked with Yahoo and Microsoft respectively.

Source: VC Circle

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