CheckRewards, the cashback app, secures a $1.2 million investment from Germany's Mitgo Group

30 Nov, 2023

CheckRewards, the cashback app, secures a $1.2 million investment from Germany's Mitgo Group

Cashback app CheckRewards has secured a $1.2 million investment from Germany's Mitgo Group, a prominent IT company. The financial infusion is accompanied by networking opportunities and regional expertise, as part of Mitgo's global plan to invest $100 million in innovative projects by 2025, acting as a venture builder for startups.

Mitgo identifies the cashback app market's substantial growth in India, valued at over Rs 500 crores, driven by the escalating popularity of e-commerce and evolving consumer shopping preferences. CheckRewards, positioned as a shopping companion, not only aids users in overall budget management but also provides access to promotions, cashback rewards for daily purchases, and receipt scans.

Artem Ostapenko, CEO of CheckRewards, highlighted the app's advertising potential, emphasizing features such as geo-targeting and customer preference-based targeting. The startup aspires to revolutionize the cashback experience for users and stimulate business growth. Plans include securing the next round of investments to facilitate expansion into new markets.

CheckRewards envisions partnerships with 50 major FMCG, retail, and food brands, including industry giants like Noon, Amazon, Samsung, Dyson, Starbucks, and H&M. Mitgo Group's CEO, Alexander Bachmann, expressed confidence in CheckRewards' vision, emphasizing founder Artem Ostapenko's exceptional leadership.

Mitgo Group has previously invested $500,000 in the productivity app Manganum and meditation app Practico. The company offers a range of solutions and services, including the Admitad partner network, native advertising platform TakeAds, coupon and voucher advertising solutions FairSavings, and affiliate tracking software Tapfiliate.

Market research firm Research and Markets projects significant growth in India's loyalty market, anticipating a 14.2% annual increase to $4,795.6 million by 2023. The market is expected to expand further, reaching $8,101.3 million by 2027. CheckRewards' collaboration with Mitgo Group positions it strategically in the thriving landscape of India's cashback and loyalty market.