Zingoy changing the cashback market, one transaction at a time

Mehul Jobanputra & Jimish Jobanputra

Founded in 2015, Mehul Jobanputra & Jimish Jobanputra co-founded Zingoy- India's most comprehensive cashback offering platform. The intention was to extend the best cashback offers and establish Zingoy as the best cashback platform for online shopping.

Mehul mentions, "The intention was to provide a platform that serves users with the best cashback options and retains loyal users by rewarding them." However, like any start-up, the primary journey of Zingoy was also not straightforward. "The market was not developed. People were sceptical of paying digitally, with payment via the more traditional ways being prefered," recalls Mehul.

The duo found the perfect business model that ensured they succeeded with extensive research and background study about the marketplace and people's spending habits and preferences.

Jimish Jobanputra stated, "We began with 3 models for patrons from separate categories. First, the B2B model caters to businesses seeking corporate gift cards and prepaid cards at the most desirable prices. Second, the B2C model assists shoppers with online shopping deals, coupons, gift cards, and cashback offers from over 300 top merchants in India. Finally, the C2C model allows users to sell gift cards to other users of Zingoy with safety insurance from the company."

Cashback is not a concept coined in recent times. Instead, it had its roots in the 1980s when credit card companies offered customers cash back incentives for using their credit cards.

In the digital business market, where quantities play a notable role, Zingoy's team leads the sector with over 300K patrons and more than 400 listed merchants. Mehul fully believes the 2021 festival time will see an increase in customers and merchants. With a marketing strategy in place, the goal seems undoubtedly achievable. Following the current global trend in marketing, Zingoy has a feasible affiliate marketing and influencer-based marketing strategy in place. The company's marketing focus is to include influencer marketing as a way to reach a younger audience. Those who started their shopping habits when digital payments were a norm. With the "Zingoy ambassador programme", select influencers and ambassadors get the chance to operate, learn and manage mentorship programmes with paid incentives.

One of the most differentiating features of Zingoy is that the app has a desktop version that allows users to get cashback depending on their location, thus omitting the need to manually search for the best deals while they shop online.

The enthusiasm always determines the degree of success, and when it comes to Zingoy, the growth chart displays the belief and desire to succeed. Currently a bootstrapped company, Zingoy has a team of 25 professionals working enthusiastically. Jimish believes that success has no alternatives and shared that while the company has no active pitch plans to investors. However, if any investor is eager to invest in the product range and offerings, they would consider it.

With the roaring success of the gifting cards already achieved, they already launched the next set of online and offline rupay cards, allowing users to earn rewards for every purchase made, whether online or offline. When talking about the company's future plans, they already have the next goal in sight. They have plans of launching gamification on the platform for the following year.

With the growing trust and acceptance of digital shopping and transactions, people are shifting their loyalties to platforms that help make the process seamless while offering them the best cashback options. The added benefit of earning rewards and not searching for the best deals make Zingoy customers loyal and dedicated to using the platform.