Funding · Commerce & Consumer Brands

Onpoint raises $600k pre-seed funding round

What they do

Onpoint is a consumer rewards platform that lets users earn points on everyday purchases regardless of their payment method

The startup raised $600,000 in a pre-seed round led by First Cheque and co-led by Whiteboard Capital

Founders Nakul Khanna and Anurag Gupta aim to fix India's fragmented rewards system with a unified earning experience

Onpoint has raised $600,000 in a pre-seed funding round.
The investment was led by First Cheque, an entity under IndiaQuotient.
Whiteboard Capital served as the co-lead investor in this round.
Participants included angel investors from Meta and Google.
The company plans to use funds to expand its merchant network across India.
Founders Nakul Khanna and Anurag Gupta are former Meta colleagues.
The startup targets 'Points Paglus' who want more rewards on shopping.
It addresses the fragmented rewards ecosystem currently limited to premium credit card users.

The founders have prior experience at major tech firms like Meta and Uber.
The model validates against global competitor Rakuten for market potential.
The platform allows rewards to stack with existing loyalty benefits.
This approach aims to democratize rewards beyond just high-end credit cards.

Onpoint operates a payment-agnostic consumer rewards platform for Indian shoppers.
Users earn 'Onpoints' when buying gift vouchers or shopping via partner brands.
Rewards stack with existing credit card points regardless of the payment method used.
Redemption options include Air India Maharaja Club and IndiGo BluChip memberships.
Users can redeem points for Flipkart SuperCoins or gift cards from 300+ brands.
One Onpoint is valued at ₹1 or more for redemption purposes.
The app supports purchases through various channels including websites and browser extensions.
Partner brands include major names like Amazon Pay, Myntra, and Uber.
The platform focuses on making rewards accessible to a broader consumer base.

Product: Platform allowing consumers to earn Onpoints rewards when purchasing gift vouchers or shopping with partner brands through app, website, or browser extension
Customers: Indian consumers making everyday purchases who want to maximize value and earn additional rewards
How it makes money: Marketplace model earning through merchant partnerships and transaction commissions
What sets it apart: Payment-agnostic model allows earning rewards irrespective of payment method, complementing existing credit card rewards