Active Stocks
Tue Mar 19 2024 09:07:13
  1. Tata Steel share price
  2. 149.55 -0.03%
  1. Tata Consultancy Services share price
  2. 4,055.65 -2.15%
  1. Power Grid Corporation Of India share price
  2. 263.00 -0.75%
  1. Tata Motors share price
  2. 970.55 -0.17%
  1. NTPC share price
  2. 315.00 -0.68%
Business News/ Companies / News/  Unbxd raises $12.5 million from Eight Roads, others
BackBack

Unbxd raises $12.5 million from Eight Roads, others

Unbxd plans to invest the funds in strengthening its artificial intelligence capabilities and technology platform

Unbxd plans to open new offices in the US to provide better services to customers in Chicago and New York.Premium
Unbxd plans to open new offices in the US to provide better services to customers in Chicago and New York.

Bengaluru: Unbxd Inc., a product discovery platform provider for e-commerce firms, has raised $12.5 million in a Series C funding round led by Eight Roads Ventures, the investment arm of Fidelity International Ltd, the company said on Monday.

Infosys Ltd co-founder Kris Gopalakrishnan, along with existing investors IDG Ventures, Inventus Capital Partners and Nirvana Ventures also participated in the round.

Unbxd plans to invest the funds in strengthening its artificial intelligence capabilities and technology platform.

“Traditional rules-based e-commerce technology is hard for retailers to manage while also delivering a poor experience for their shoppers. With a better artificial intelligence solution in place, retailers are more competitive because shoppers can more easily buy what they seek," Pavan Sondur, co-founder and chief executive at Unbxd, said in a statement.

Unbxd, founded in 2011 by Sondur and Prashant Kumar, last raised an undisclosed amount in a Series B funding round from Nirvana Venture Advisors, IDG Ventures, Inventus Capital and Indian Angel Network. It had raised $2 million in a Series A round in October 2013 from IDG Ventures and Inventus Capital Partners.

The company claims its intelligence engine processes more than 50 data points from shoppers to enable e-commerce companies to provide personalized search and product recommendations to consumers.

The company also plans to open new offices in the US to provide better services to customers in Chicago and New York. It currently has offices in Bengaluru and Mountain View, California.

Unbxd, which counts online retailers such as Ashley Furniture HomeStore, Express, FreshDirect, rue21 and ibSupply among others as clients, claims to facilitate more than 1.5 billion consumer interactions every month.

“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," Raj Dugar, managing partner at Eight Roads Ventures, said in a statement.

Investment bank Avendus Capital advised Unbxd on the deal.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 20 Jun 2017, 01:06 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie