Despite global popularity, the cashback model has yet to take off in Thailand. Dealcha! aims to change that
Thai cashback platform Dealcha! today announced that it has raised an undisclosed seed funding from 500 TukTuks, Solera Investment, NextTech, and angel investor Robert Lomnitz from Bangkok Venture Club.
In an e-mail to e27, Dealcha! Director of Business Development and Co-Founder Danny Chang said that the startup plans to use the new funding to roll out new features and website, acquire merchants, and foster strategic partnerships.
Launched in 2015, the startup claimed to see 30 per cent monthly growth and is aiming to “grow even faster” with the new investors on board.
“Listening and talking to our customers on a daily basis, win-win partnerships, and most importantly, understanding the local market!” said Chang when asked about the startup’s secret to achieve the growth.
Dealcha! implements what is know as affiliate marketing, a system where users receives their cash “back” everytime they shop online at the startup’s merchant partners.
According to the company, the cashback rewards model adopts a ‘stacked’ approach, where cashback is given on top of any existing discounts, coupons, or credit card rebates.
To use the service, users only have to click through Dealcha! before they shop at their preferred online stores.
Dealcha! will then receive a commission from the merchants; the platform will then share a portion of the commission to users in form of cashback.
While the cashback model has been receiving warm welcome globally, with startups such as Shopback (Singapore) and Snapcart (Indonesia, the Philippines) operating in the region, the concept has yet to take off in Thailand.
This is the opportunity that the startup is embracing.
“When we first started here in Thailand, many customers could not believe that they could get ‘cash back’ for free, simply by shopping online,” said Co-Founder and CEO Jack Chaiyupatumpa.
“Over time, we have have given our users even more benefits for shopping online, such as through our partnerships with dtac Rewards and KTC Credit Card. We have also partnered with big international brands that are looking to expand in Thailand, such as Nike’s Official Store,” he added.
Prior to the seed funding round, the startup has been run through bootstrapping.
Image Credit: Dealcha!
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