Bangalore-based ecommerce product discovery platform Unbxd has raised a $12.5 million Series C round led by Eight Road Ventures, the investment arm of Fidelity International, the startup said in a release today.
Unbxd will invest the funds in its artificial intelligence (AI) powered platform and to open new offices in Chicago and New York, it said.
“Unbxd has a great product/market fit, and now is the right time to accelerate its go-to-market strategy. E-commerce product discovery tools represent a multi-billion-dollar opportunity globally and Unbxd is well positioned to emerge as a leader in the space,” said Raj Dugar, managing partner, Eight Roads Ventures.
Last May, the company had raised an undisclosed amount in its Series B round of funding led by Nirvana Venture Advisors, with existing investors IDG Ventures, Inventus Capital, and Indian Angel Network also taking part. Unbxd had raised $2 million in a Series A round in 2013.
“Traditional rules-based e-commerce technology is hard for retailers to manage while also delivering a poor experience for their shoppers. With a better AI solution in place, retailers are more competitive because shoppers can more easily buy what they seek,” said Pavan Sondur, co-founder & CEO of Unbxd.
Unbxd provides e-commerce companies with search, navigation, product recommendations, merchandizing and analytics solutions. Currently, its intelligence engine captures and processes more than 50 shopper data signals to power personalised search, navigation and product recommendations on e-commerce sites.
A majority of the company’s revenue comes from the US, followed by India. Unbxd’s revenue grew 400 per cent in 2016 and it has added retailers liked Ashley HomeStore, Express and FreshDirect to its clientele.
Avendus Capital acted as the exclusive financial advisor to Unbxd on this deal.