Founded in October 2022 in Bengaluru, Monet initially focused on blockchain-based hiring referrals. However, the founders shifted to loyalty rewards after identifying a significant issue in the loyalty market.
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GLOBrands such as Flipkart, Myntra, H&M, and Starbucks offer loyalty points to cultivate a dedicated customer base. With India’s increasing disposable income, companies are adjusting their loyalty programs to enhance engagement among local consumers.
For example, last October Swiggy introduced a more affordable version of its loyalty program. An IIFL Securities report suggests that Swiggy’s market share increased slightly relative to Zomato in the first half of CY23, possibly due to the lower pricing and intensified promotions of its updated program.
However, loyalty programs can be challenging as customers often expect personalized experiences. To address this, Abhay Mishra, Abhay Tandon (CBO), and Anuj Kumar (CTO) created Monet, an AI-powered, blockchain-based interoperable loyalty ecosystem.
Tandon notes, “Globally, 87% of loyalty program members cannot use more than 15% of their points, leading to significant waste. This happens because customers either forget about their points, let them expire, or are unaware they even have them. In the US alone, $100 billion is spent annually on loyalty programs.”
Founded in October 2022 in Bengaluru, Monet initially focused on blockchain-based hiring referrals. However, the founders shifted to loyalty rewards after identifying a significant issue in the loyalty market. “We’re still in the rewards sector, but we strategically transitioned from referral-based to loyalty-based rewards,” says Mishra.
Monet’s application functions similarly to Cred, allowing users to view and transfer their loyalty points across different platforms. However, to protect brand interests, point transfers are restricted between non-competing brands (e.g., Starbucks points cannot be used at Chai Point). The platform also provides AI-driven recommendations, including consumer behavior insights that benefit various brands.
Currently in beta, Monet is set to launch in August. “We’re finalizing partnerships with brands and have received letters of intent from over 20 companies. By launch time, we anticipate having around 200 brands ready to join,” Tandon adds.
Originally, Monet’s referral model utilized blockchain for automated smart contracts to manage hiring referrals and payments. The system promised fairness and efficiency by ensuring timely payments through escrow accounts.
Despite the advantages, the founders recognized the crowded hiring market and saw greater potential in loyalty rewards. Monet pivoted to this sector in January, having earned $20,000 in revenue from the hiring model in December. The company previously served 64 clients, including notable names like 3one4 Capital and Assiduus Global.
