SME WORLD Bureau
Formed in 2011, Pennyful.in is one of the first and best online cashback sites in India.
As one would know, the Indian consumer is extremely cost conscious and the concept of cashback, which Pennyful brought into India, has been gaining traction at a rapid pace. A lot of buyers are now shopping online and Pennyful helps them save and earn by giving them their money back into their Pennyful account, which they can choose to withdraw whenever they like.
Pennyful was formed by Ravitej Yadalam, who was struck with the idea of starting something that could help consumers save money, during his college days in RV College of Engineering (Bangalore). As the ecommerce space was growing at the time, Ravitej decided to start a company catering to the industry and would work with vendors to sell their products online on marketplaces like eBay. He soon began experimenting with the affiliate marketing space, and later began to work on the concept of Cashback, to create competitive advantage. Through Cashback, Ravitej shared the commission his partners gave him with his customers as a reward for their loyalty. This is how Pennyful.com was formed in the year 2010, for the U.S. market. Today, Pennyful.com has 1,300 of the leading U.S. ecommerce brands on board such as Macy's, Walmart, Sears and JCPenney.
In the later part of 2011, Ravitej felt that India was ready to test the concept, and Pennyful.in was born. The company brought the concept of cashback to the Indian market with a goal to be seen as the best and most trusted player in the cashback and coupon segment amongst merchants and online shoppers in India while providing customers with a unique shopping experience.
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