Mumbai, Maharashtra, India:  Recent news articles suggest that Silicon Valley Bank is still an investor in Loylty Rewardz Mngt. Pvt. Ltd. among other Indian start-ups. Loylty has refuted this information stating it as outdated and inaccurate. According to Loylty Rewardz, while SVB was one of their former investors, they currently hold no stake in the company. 

“Since our foundation in 2008, we have had investors who supported our vision and growth. We are a wholly-owned subsidiary of IndiaIdeas.com Ltd. better known as The BillDesk Group. Our former investors, including SVB, hold no investments in the company currently. We confirm that any recent news article or press release indicating otherwise is inaccurate and hope this addresses any confusion arising thereof,” said Amresh Acharya, Managing Director & CEO of Loylty Rewardz Mngt. Pvt. Ltd.

Loylty Rewardz is one of the foremost loyalty and engagement companies that caters to some of the country’s leading banks and brands. In 2015, they were acquired by IndiaIdeas.com Ltd., better known as The BillDesk Group.