You get rewarded for just walking into Restaurants and as these rewards pile up, you can use them to buy literally anything. Yes, you heard it right! Anything. The 30 something entrepreneur has already partnered giants like Flipkart, MakeMyTrip, jack&jones and book my show, where these rewards can be redeemed.
When I heard Satish Mendiratta, founder of Bounty, I was blown away. The obvious response was, “This dude is kidding”. But apparently this dude has done a hell lot of hard work to pull it off and he is dead serious.
His startup Bounty has partnered with about 4,200 restaurants in Bangalore, Chennai, and Hyderabad. It rewards you when you walk into any of them and mind it, truly in Rajnikanth style, you get rewarded only on walking into these restaurants. Buying is not a precondition. These rewards get accumulated in your account and you can redeem them at places ranging from Flipkart and Snapdeal to shoppers stop, Myntra, Mobile store, MakeMyTrip, Bookmyshow, Jack&jones and many more and even more are being added every day. He and his team seem to have taken Gordon Geko very seriously when he said, “Greed is good”.
While he capitalizes on people’s greed and is truly trying to pamper them, he believes that every consumer is different in consumption pattern. Productive usage of information on these patterns, can not only make the consumers happier but also get them rid of endless spamming and eternal filling up of the questionnaire. In fact, he is committed to reducing the effort for the consumer. The Bounty app is built around proprietary software that recognises a partner restaurant/cafe as you walk into it and gives a pop-up on your home screen. Tap it and boom, you’re rewarded. You don’t need to have GPS, not even an internet connection. You don’t even need to open the app yourself. Now that’s consumer convenience!
Presently they give 20 reward points for walking into each restaurant, each point is convertible to a rupee. Vouchers are available starting Rs 100. You can do the math and see how much you can save by just tapping your phone during restaurant visits.
They’ve already had about 15,000 app store downloads with 50% of their customer base, logging into the app on a daily basis.
When asked what is the world-changing vision he says, “Frictionless, Seemless rewards! Wherever you go and whatever you do.” They don’t plan to expand into more geographical markets for some time now. However, they do plan to bring it to the non-restaurant space as well.
Satish is an extreme risk taker. He has had his experience in analytics and prides himself with the tag data scientist. He puts customers at the helm of everything. He believes that the days when customers were spammed with surveys to decide the course of action in product development or betterment are long gone. He believes and strongly argues that all the required data is lying there, one just needs to harness it to understand consumer behaviour. Meet Satish on Linkedin.