Consumer rewards platform Onpoint has successfully secured US$600,000 in a pre-seed funding round to enhance its loyalty services in India. The investment was co-led by First Cheque, part of the IndiaQuotient group, and Whiteboard Capital, with participation from notable angel investors. This capital injection will fuel the company's mission to democratize access to meaningful rewards for a broader consumer base across the country.
Strategic Investment and Vision
The funding round attracted a diverse group of backers, including former executives from technology giants Meta and Google, alongside alumni from the Kellogg School of Management. Onpoint plans to allocate the fresh capital towards accelerating product development, expanding its network of merchant partners, and growing its user base. These strategic initiatives are designed to solidify the company's position within the competitive rewards market.
Co-founder and CEO Nakul Khanna explained that the platform was created to address an imbalance in the rewards ecosystem, which has traditionally favored high-income individuals. He emphasized that Onpoint aims to make valuable rewards accessible to everyone, not just a select few. This approach also provides brands with a more sustainable and cost-effective method for driving both new and repeat sales.
A New Approach to Consumer Loyalty
Onpoint operates a payment-agnostic platform that allows users to earn reward points, called Onpoints, on their everyday spending. Consumers can accumulate these points by purchasing gift vouchers or shopping with partner brands through the company's app, website, or browser extension. A key feature is the ability for users to stack these rewards on top of existing credit card points and other loyalty benefits.
The platform offers extensive flexibility for redeeming points, catering to diverse consumer preferences. Users can convert their Onpoints for use in prominent travel and loyalty programs, including Air India's Maharaja Club and IndiGo BluChip. Alternatively, points can be exchanged for gift cards from a vast network of over 300 brands, such as Amazon Pay, Flipkart, Myntra, and Uber.
Addressing Market Needs for Brands and Consumers
Beyond consumer benefits, Onpoint provides a compelling value proposition for businesses by tackling the high costs of customer acquisition and retention. The platform enables brands to engage customers directly through their own sales channels rather than relying on third-party marketplaces. This model fosters stronger customer relationships and offers a more efficient path to building brand loyalty and driving repeat business.
Sahil Makkar, a partner at IndiaQuotient, noted the emergence of a highly engaged group of digitally savvy consumers in India who expect significant rewards for their loyalty. He highlighted that platforms like Rakuten have demonstrated the immense global potential of this business model. Makkar expressed confidence that a clear need exists for a dominant player like Onpoint within the Indian ecosystem.
Experienced Leadership and Future Outlook
Founded in 2025 by Nakul Khanna and Anurag Gupta, Onpoint is led by a team with deep industry experience. The co-founders, who are former colleagues from Meta, bring a wealth of expertise from their previous roles at companies like Google, Uber, and Zeta. Their combined background in consumer technology, payments, and platform engineering provides a strong foundation for the company's ambitious growth plans.
This pre-seed funding marks a significant milestone for Onpoint, equipping it with the resources to refine its platform and expand its market presence. By creating a more inclusive and versatile rewards system, the company is well-positioned to challenge the status quo in India's loyalty sector. The investment underscores strong confidence in Onpoint's vision to build a comprehensive rewards layer for the modern Indian consumer.