- **Novus Loyalty** is fundamentally a technology company that builds the invisible plumbing behind the reward points, cashback offers and loyalty programmes that banks and large enterprises use to keep their customers coming back. It began life in 2011 as a technology-driven digital solutions provider, spent a decade learning the loyalty business by servicing marketing agencies and banks, and then made a decisive pivot in 2020 - building its own enterprise-grade platform, layering on AI in 2023, and listing on the BSE SME platform in March 2026. The recurring pattern is a company that spots a gap in how enterprises manage retention, builds the technology to fill it, and then wraps a marketplace of rewards and merchant offers around that technology so that clients get an end-to-end system rather than a piece of the puzzle. # Business segments One core platform with four revenue streams that feed each other - a technology subscription engine, a rewards redemption marketplace, a merchant-funded promotions business, and a digital voucher operation - all sitting on top of the same transaction data and AI layer. ## 1. Enterprise loyalty platform: the technology subscription that everything else sits on **Banks and large enterprises pay multi-year contracts for a white-label loyalty engine that plugs into their systems, processes transactions, and personalises rewards - and once it is embedded, switching is painful.** - **The core is a rules engine with an AI layer** - the platform connects to a client’s core banking or payment systems, collects customer and transaction data, runs it through a rule engine, and delivers points, cashback or tier benefits to end customers. An AI layer sits on top of all that data, suggesting campaigns and personalising offers so clients need less manual consultation. - **Deployed on-premise or as SaaS** - banking clients in regulated markets often demand on-premise hosting for compliance with data-localisation laws like India’s DPDP Act, while SaaS clients can go live in two to three weeks on a subscription model. The platform is API-first and cloud-native, so it slots into existing bank infrastructure without a rebuild. - **Contracts lock in for six to ten years** - the average initial contract runs three to five years, with renewal terms of another three to five, and loyalty programmes typically take five to six months just for customers to accumulate enough points to become active, maturing around year three. That creates long visibility on recurring technology fees. - **Security certifications are the entry ticket** - the company holds PCI DSS 4.0.1 Level 1 certification, the highest level, which lets it handle transactional card data for Visa, Mastercard, American Express and others, alongside ISO/IEC 27001:2022 and CMMI Level 3. Without these, no bank would let the platform near its data. - **BFSI is the anchor, but the platform spans industries** - banking and financial services make up roughly 30% of the global loyalty industry and are the company’s largest vertical, but the same platform serves retail, hospitality, healthcare, telecom and insurance clients. Named clients include Central Bank of India, NPCI, IDBI, Bank of Maharashtra, and banks in Ethiopia, Nigeria and the UAE. ## 2. Rewards redemption: the marketplace where points turn into flights and vouchers **When a bank’s customer redeems loyalty points for a hotel stay or a gift card, Novus takes a cut - and the breadth of that redemption catalogue is what makes the loyalty programme feel real.** - **A redemption network that spans travel, merchandise and experiences** - the marketplace lets end customers exchange points for flights, hotels, gift cards, catalogue items and experiences, integrated directly into the loyalty platform so redemption is a single click, not a separate process. - **Revenue is transactional, with direct procurement cost** - unlike the technology fee, redemption revenue carries a cost of goods sold because Novus must buy the flight ticket or gift card from a supplier before delivering it to the customer. The margin is the spread between what the client pays and what the reward costs. - **Third-party rails fill the gaps** - the company does not yet hold its own PPI (Prepaid Payment Instrument) licence, so it uses aggregators like Qwikcilver to issue open-loop gift cards; obtaining that licence would let it earn issuance fees directly and control more of the merchant gift-card ecosystem. ## 3. Merchant promotions: brands pay to put offers in front of engaged customers **The AI spots transaction patterns, shows merchants which bank customers are likely to buy, and the merchant funds a campaign - Novus earns a fee or affiliate commission without taking inventory risk.** - **Merchant-funded, not Novus-funded** - the campaigns and offers that appear in a banking app are paid for by the merchant, who is buying access to a pool of customers whose spending behaviour the AI has already profiled. Novus also collects affiliate commissions when those offers convert. - **Zero direct procurement cost** - this revenue line is pure technology and data play: the AI does the matching, the merchant pays for the campaign, and Novus does not need to buy any goods itself. That makes it structurally higher-margin than redemption or vouchers. - **Powered by the same transaction data** - the AI layer that suggests campaigns to banks also surfaces insights for merchants, so the promotions engine is not a separate product but a second monetisation of the same data flow running through the loyalty platform. ## 4. Digital vouchers: bulk gift cards for banks and corporates **When a bank needs thousands of branded gift cards to reward top spenders, Novus sources and issues them - a procurement-heavy, volume-driven line that feeds the same enterprise relationships.** - **Bulk issuance for enterprise clients** - banks and corporates buy digital vouchers and prepaid instruments in bulk for their own customer and employee incentive programmes, and Novus earns revenue on the spread between what the client pays and what the voucher costs from the brand. - **Carries direct procurement cost** - like redemption, this line involves buying vouchers from brands or aggregators, so the gross margin is thinner than the technology or promotions lines. - **Relies on third-party issuance until a licence arrives** - without its own PPI licence, the company uses aggregators like Qwikcilver to issue open-loop cards; bringing that capability in-house is a stated ambition that would change the economics of this segment. # Group structure and partners **A single Indian entity with no subsidiaries, selling through resellers abroad and directly to banks at home - all technology and IP stays in-house.** - **International expansion runs through resellers** - the company is setting up a wholly owned subsidiary in the UAE and planning offices in Dubai, the US and Australia, but for now it uses local resellers who take 15 to 30 percent of the deal value depending on the support required. Novus always contracts directly with the end customer and retains all technology and IP, even when a reseller is involved. - **Government e-marketplace opens the door to Indian banks** - some domestic banking clients are acquired through the GEM portal, which gives the company a direct procurement channel into public-sector banks without a traditional sales cycle. - **Founder-led with deep technology and banking experience** - Managing Director Deepak Tomar has over 25 years in high-scale transactional enterprise products, Executive Director Sweta Singh has over 20 years in technology, and CFO Vibhore Rastogi brings a banking background; together the promoters hold roughly 70 percent of the company post-IPO.