Within a month of raising $2.3M funding, Mobikon acquires Singapore-based Trii.be
Singapore-based Mobikon announced their first acquisition today, of customer feedback management company Trii.be, for an undisclosed amount. The news comes within a month of Mobikon raising funds worth $ 2.3 million from Jungle Ventures.
The deal is a part of Mobikon’s larger strategy of strengthening their presence in South East Asia.
Founded in 2009, Mobikon helps provide restaurants with a single view of customers across Ordering, Reservations, Feedback and marketing channels. While expanding their international presence in the last 18 months to five countries, the company aims to partner with 3000 F&B outlets by the end of this year.
Speaking on the acquisition, Chua Chin Kiat, Co-founder Trii.be says,
Trii.be is able to assist merchants to visualize their feedback data and understand their customers better in a data-driven manner. However, our system is not able to support merchants to capitalize their customer feedback data for marketing campaigns. With Mobikon, we are able to close the loop and provide an end-to-end solution for our clients.
How does the acquisition help Mobikon?
According to Samir Khadepaun, Founder and CEO, Mobikon, the -acquisition of Trii.be will help revenues of Mobikon jump by almost 30-35 per cent in Singapore and by 20 per cent overall.
Owing to the different modules added through the acquisition, this partnership will provide revenue per customer to Mobikon. The company claims that this will add another 8-10 per cent of incremental revenue to the overall income.
In July, Anurag Srivastava, Managing Partner & Co-Founder at Jungle Ventures commented that Mobikon has been consistently growing at 9-10 per cent month-on-month. The founder believes that the acquisition will push the company’s growth metrics to approximately 12 per cent (M-o-M).
On growth numbers, Mobikon’s monthly reviews are expected to rise from 65,000 to 85,000. Trii.be integration will help Mobikon reach the 4.5 million mark by adding 800,000 diner profiles to their arsenal. Moreover, the addition rate per month is also set to shoot up from 160,000 to 200,000 per month.
Moving forward, the firm is looking at closing two acquisitions by the end of this year. While one of them might come from Manilla, the other is expected to come from India. Calling their last funding as series A-2, Samir tells us that the firm is also in talks to raise a larger series B by the end of this year. Both the acquisitions and the fund raising are being chased simultaneously.
The company also announced Puneet Pushkarna, President, TiE Singapore and Sameer Yajnik , COO, Asia-Pacific, Tata Technologies joining the advisory board, placing their expertise to help the business. Samir says,
Puneet will primarily help scale Mobikon’s business, while looking at enterprise sales. Running his own fund, Puneet is also assisting Mobikon gear up for the larger round of funding. On the other hand, Sameer will mentor the team with extensive marketing in foreign nations as scaling starts to take off. He is majorly hand hold Mobikon to get strategic hires in Dubai to get the right talent for inroads and faster account acquisitions.
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