SaaS-based multi-channel marketing company Netcore Solutions Pvt Ltd has fully acquired Bengaluru-based artificial intelligence (AI) startup Boxx.ai for an undisclosed amount, per an announcement on Thursday.
The acquisition has paved an exit path for all the existing investors including Unicorn India Ventures.
The cash-cum-stock deal covers Boxx.ai’s technology, IP, clients and team.
Boxx.ai’s founders – Ajay Kashyap, Prakhar Raj and Shitiz Bansal, along with the rest of the team will join Netcore, the startup said in a statement.
“E-commerce companies spend a lot of money to get visitors on their sites, but 98% of them leave without buying. Boxx.ai solves this – it converts visitors to buyers. Integrating this capability with Netcore’s multi-channel marketing platform makes a killer combination for brands – they would be able to deliver a customer experience that is just perfect: right choice of channel, right timing of communication, right content, right creative, right messaging and right offers,” Kashyap said.
Boxx.ai was launched in 2016 by IIT alumni Kashyap, Prakhar Raj and Shitiz Bansal. The startup was initially funded and mentored by Suresh Shankar, founder and CEO of CrayonData, and Venky Krishnakumar, ex-COO/CFO at Citibank APAC. Subsequently, it raised pre-series-A funding from Unicorn India Ventures and Vivek Bhargava, CEO of iProspect, Dentsu Aegis Network.
Boxx.ai claims to predict what each visitor is likely to buy next using its proprietary algorithms. This helps consumer internet companies curate a line of products and extend a personalised experience to each of its customers.
Unicorn India Ventures managing partner Bhaskar Majumdar said, “We invested in Boxx.ai three years ago as we believe that their offering is quite targeted and essential for e-commerce companies who are keen on converting non-buyers into buyers and retain their regulars by offering a highly personalized experience. Boxx.ai is in that sweet spot. An acquisition by a successful platform like Smartech would accelerate their growth multi-fold.”