SaaS marketing platform Netcore buys Boxx.ai, Unicorn India Ventures exits

Photo: Reuters

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.”

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.