We have all wondered why earning loyalty points or similar rewards never feels truly rewarding. The endless T&C's make earning and redeeming them a tiresome experience.
However, members of Gainon are getting exactly what we have been waiting for; the platform offers Instant Cashback on all spends at 100+ leading brands. Gainon's "Loyalty Cashback" is added instantly into the member's Gainon account after every successful payment. The Cashback amount varies according to the brand but goes up to 50 percent. Members can redeem back at any of the listed brands or for handpicked essentials such as Paytm and Fastag recharge.
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Gainon launched in September 2020 and is already driving payment volume worth Crores through a voucher system. The company says it has 10,000 plus members and is growing very fast from word-of-mouth referrals. Pranav Deo, the Founder of Gainon, also suggested the average value of a payment (per-user) has increased to Rs 5,000 from Rs 1,500.
Loyalty points, miles and cashback platforms have been around for a very long time. According to research, Indians are part of 11 different loyalty programs at the same time; add to that the time delay for confirmation, restrictions when redeeming and short validity period, it becomes an extensive task just to manage them.
Gainon looks to solve these inefficiencies and bring excitement back into loyalty programs by recognising every individual throughout society and personalising the brand cashback/offers along the way. The company believes the unification will create a win-win situation for both businesses and members.
Pranav himself encountered such frustrations numerous times, "I flew at least once a year from London to Mumbai which earned me loyalty miles, but when I wanted to redeem the miles they would have already expired or the airline didn't have any seats available for the reward flight."
He further added, "I had a gold status in one program yet I was on the lowest level of another, it made me think, why can't all brands understand my potential then assign a tier/offer?"
Pranav Deo was bitten by the entrepreneurial bug very young, during his school years in The UK he launched a travel website (NowGoPlaces) to counter the challenge of constantly changing airline fares. It also included options to book luxury helicopter shuttles for as little as Rs 5,000.
Now at 22, Pranav has got some of the biggest names from the startup ecosystem aboard as early investors and mentors of Gainon. One of those is Kedar D who was part of the core team at UiPath, a startup valued at over USD 10 billion today. Kedar says, "Gainon is solving a big pain point and India is the perfect market to scale with the growth in online payments and adoption of digital solutions."
Others include Jay Tahasildar, who is a successful entrepreneur and Managing Director of Mercurius IT. Jay says, "I met Pranav when he was just 16 and he was buzzing with ideas, but what stood out for me was his ability to convert the ideas into a viable product."
And Vijay Mastakar, who has been a Group CFO/CXO in large conglomerates across the Asia Pacific, Middle East and Africa. Vijay says, "More than the great idea, I am a mentor in this startup because of the sheer perseverance and grit of Pranav. I see brilliant startup decks every day but without the determination and commitment of the founder it will never succeed."
Pranav believes there are many milestones to reach with much to learn along the way, however, insists Gainon will always keep a consumer-first approach and have an obsessive focus on improving the user experience.
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( With inputs from ANI )
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