Published By : 21 Jun 2017 | Published By : QYRESEARCH
In a series C funding round, Unbxd, an e-commercial cloud-based platform for product discovery, has raised US$12.5 mn. The round was headed by the proprietary investment arm of the Fidelity International Ltd., Eight Roads Ventures.
The existing investors, namely, Inventus Capital Partners, IDG Ventures, and Nirvana Ventures also participated in this financing round. Kris Gopalakrishnan, the co-founder of Infosys, also invested in the round. The enterprise will utilize the funds to reinforce its product offerings and speed up its go-to-market play by increasing its sales and marketing team.
Unbxd’s AI Powered Plug-and-Play Solution Helps Retail Vendors Become More Competitive
Pavan Sondur, co-founder and CEO of Unbxd, said that “conventional rules-based e-commerce technology has become hard for retail vendors to manage while delivering and provides a poor experience for their customers. With an advanced artificial intelligence (AI) solution in place, retail vendors can become more competitive, as shoppers can easily buy what they need.”
Unbxd’s AI-powered plug-and-play solution allows online retailers to seize around 15-40% in revenue, which is lost, owing to a poor experience of product discovery. The platform offers a customized experience to customers and leads to better conversions. The company had raised its Series B funding in 2016, headed by Inventus Capital IDG Ventures, and Indian Angel Network (IAN).
Raj Dugar, the Managing Partner at Eight Roads Ventures, stated that “Unbxd has a strong product/market fit, and now it is the right time to speed up its go-to-market strategy.” “Globally, E-commerce product discovery tools signify a multi-billion-dollar opportunity and the firm is well positioned to surface as a leader in this space,” he added.