RewardsPlus

About RewardsPlus

RewardsPlus, founded in 2016 by Avinash K Jha, operates as a cloud-based platform delivering loyalty management software. Based in Delhi, India, the company aims to empower small and medium-sized retailers by providing them with access to technology to help them compete with larger e-commerce entities. The founding team, which includes CEO Avinash K Jha, a COO, Awdhesh, Priyanka, and Neeraj, was driven by the goal of making technology accessible and affordable for offline retail businesses in India.

The company's business model is centered around an omnichannel solutions platform designed to build what it terms "Retail 2.0". This involves a unique blend of human support and technology to help micro, small, and medium enterprises (MSMEs) increase their income while saving on costs. The platform offers a suite of services including the development of advanced e-commerce solutions like mobile apps and progressive web applications, API integration based on microservices, and WhatsApp Commerce to turn the messaging app into a sales and support channel.

A core component of their offering is a decentralized loyalty program built on the Solana blockchain. This program utilizes a custom-minted SPL token, REWARDS+, which functions like traditional cashback and loyalty points. Users can earn these tokens through various activities such as signing up, shopping at partner brands, and making payments through the RewardsPlus app. The business generates revenue by taking a sales commission from partner brands when users shop through the app, a portion of which is shared back with the users as REWARDS+ tokens. These tokens can be held in a wallet within the app or exchanged for other cryptocurrencies like BTC, ETH, XRP, or USDT.