Almonds.ai, an India-based loyalty and rewards platform, has raised 16 crore rupee (US$1.85 million) in seed funding.

The round was led by the promoters of Haldiram’s and the JITO Incubation and Innovation Foundation (JIIF), with participation from Venture Catalyst, Ever Grow Capital, Nine ALPS, Hemant Jain (KLJ Group), and Nitin Jain (OfBusiness).

Founded in 2020 by Abhinav Jain and Apurv Modi, Almonds.ai plans to use the funds to enhance its AI technology and expand internationally.

The company serves channel partners like retailers and mechanics, claiming partnerships with over 100 distribution-driven firms.

It has launched operations in Dubai and partnered with a HoReCa player in Singapore, aiming for further growth in the Middle East, North Africa, and Southeast Asia.

In FY24, Almonds.ai reported revenue of 35 crore rupee (US$4.04 million) with a 12% EBITDA margin. It targets over 200 crore rupee (US$23.06 million) in revenue for FY25 with a 15% EBITDA margin.