Alumni Ventures: Cultos Global – Pavan Govindan, GMITE 2013
In this exclusive interview, we delve into the innovative world of Pavan Govindan, one of the co-founders, CEO, and Board member of Cultos Global. Founded in May 2023, Cultos Global is poised to transform the dynamics of brand-consumer engagement through innovative web3 technologies and a unique approach to rewards systems. Pavan sheds light on the company’s inception, its mission to empower brands and consumers alike, and the profound impact it is making across diverse industries. Discover the driving force behind Cultos Global’s rise in the world of web3 rewards and its vision for the future.
Origin of Cultos Global: When was Cultos Global founded, and what inspired the founders to start this business? Can you share the story behind the inception of the company?
Cultos Global was started in May 2023. Cultos Global wants to revolutionize the way Brands and Consumers engage and with its Strong IP, the founding and leadership team saw it was the right time to set up to ensure we scale globally. We have set our vision to be the Digital Passport with most brands globally. In fact, already we are among the top web3 technologies globally as per a few reports.
We saw a lot of traction in the Middle East, South East Asia, and India Region where Gen Z was keen on better engagement with brands, and with the backing of our stakeholders, we decided to set up the company with Dubai as HQ as it provides the best ecosystem for web3 and emerging technologies.
What makes Cultos Global different from other reward systems for businesses, and how does it make setting up branded tokens easier?
Over $64B of reward points are never redeemed and exist perpetually as liabilities on a company’s balance sheet.
Traditional reward points have low utility, only offer marginal discounts and are not exchangeable with other brands’ reward points.
In one elegant platform that merges digital marketing and customer reward programs, Cultos Global converts passive consumers into an army of active nano-influencers.
How does working with different industries like Retail, Automotive etc. benefit businesses, and do you have an example that shows how it works?
Cultos Global provides the tools for Brands to create their own brand token and set up reward systems to drive consumer behavior.
We are currently engaged with different businesses and a common link for all is active engagement with customers and incentivizing them.
Brands also benefit from the first-party data which they get and consumers are also rewarded here.
Our platform which is live with customers where we were able to show significant improvements like
- 3x the ROAS of a typical digital advertising
- 2.5x more efficient CAC than a typical digital advertising
- 3x increase in engagement rate
Recent Funding: I understand that Cultos Global recently secured funding, although the amount remains undisclosed. Could you tell us more about this development and how the funding will support the company’s growth and future initiatives?
Yes, we recently secured our funds from different stakeholders globally in our ongoing round and we will be using this fund to expand our product and engineering teams across the UAE and India. Additionally, we plan to enhance its platform by introducing several innovative functionalities.
Customer Success Stories: Could you provide an example of a business or brand that saw remarkable results using Cultos Global’s platform? How did they use the rewards system, and what impact did it have on their operations?
Cultos Platform being used with MGA Entertainment and Fans of MGA Entertainment, which includes Bratz®, L.O.L. Surprise!™ and Rainbow High™will be able to use tokens earned on Cultos in a variety of ways including discounts on NFTs, purchases of physical products or to be considered for exclusive rewards. Additional perks include using MGA Tokens to access discounts, special events, limited collaborative partnerships and other exciting rewards.
Again engagement and performance on different parameters as already stated in previous questions, numbers would vary depending on the brands we work with globally but KPI’s would remain the same
User-Friendly Approach: Cultos Global emphasizes simplicity. Can you explain how your platform ensures that businesses, regardless of their size or technical expertise, can easily implement branded tokens and rewards systems to engage their customers?
Cultos API can be integrated with brands very easily -in fact within hours. Regardless of Businesses we enable a seamless integration and help brands transition from their existing systems.
What are Cultos Global’s plans for the future in the world of web3 rewards, and how do you see it changing to meet new needs?
Cultos Global intends to create more Nano influencers of consumers of brands and ensure consumers are incentivized and also ensure Brands can better engage and understand their consumers.
Real-time incentivization and rewarding any kind of engagement of brands for a consumer is extremely important and thus Cultos will continue to work with Brands globally and be the preferred Wallet of most major Brands globally. The most important part of Cultos Global is it protects the Data Privacy of the consumer while doing all this.