CommerceIQ plans to scale India ops with fresh funding
2 min read 22 Jun 2021, 07:32 PM ISTThe funding will be used in international expansion and product research and development focused on maximizing brand revenue and profitability on Amazon, Walmart, Instacart, Target and other online marketplaces
PremiumBengaluru: CommerceIQ, an algorithmic platform that helps consumer brands win in e-commerce, on Tuesday said it has closed a $60 million Series C funding round led by Insight Partners.
Existing investors Trinity Ventures, Shasta Ventures and Madrona Venture Group participated as well.
The funding will be used in international expansion and product research and development focused on maximizing brand revenue and profitability on Amazon, Walmart, Instacart, Target and other online marketplaces.
The US-headquartered firm said it also intends to scale its India operations, along with additional key hires in software and product development, data science and analytics, product operations and support.
“With a 40% growth in e-commerce this year alone, it is imperative that brands apply automation and machine learning to manage their business online. The technology behind our award-winning platform was developed in India and our presence in the region is critical to sustaining our future growth. In the last two years in India alone, we have doubled our headcount and as we move forward, these operations will be a pillar of the overall growth of the company and our ability to deliver on our ambitious product roadmap. With such a talented and passionate team, we also expect India to be a cornerstone to our future market expansion into Asia-Pacific as a whole," said Guru Hariharan, CEO of CommerceIQ.
“The tried-and-true methods that were perfected for brick and mortar simply do not work online. Our customers are using our platform to win in e-commerce, by harnessing real-time visibility to all aspects of the operation within a single source of truth to drive automations at scale," Hariharan added.
CommerceIQ, which has raised $81 million to date, said it has over 2,200 brands that use its technology daily to increase share of voice, pump up incremental sales and enhance profitability.
“…It is not necessarily obvious that most of digital commerce is thriving through indirect channels, like Amazon, Walmart and the like, with only 15% occurring through brands’ direct efforts. CommerceIQ’s unique focus on indirect channels is helping large brands deliver on the metrics that matter and win the lion share of the e-commerce market in a post-pandemic world," said Nikitas Koutoupes, MD, Insight Partners, who will be joining CommerceIQ’s board.
“Digital commerce is one of our key strategic priorities. We know that it is crucial to win the consumer at the moment of purchase, however, winning in e-commerce is unique and takes building a different muscle versus the traditional ways of doing business. To that end, we leverage artificial intelligence-led platforms like Commerce IQ to bring the best to bear for our online presence, enabling our teams to be more effective. Automation has helped us move away from manual processes to streamlined e-commerce operations, driving market share and profitability. We are eager to see newer functionalities that the CommerceIQ platform brings to us," said Surabhi Pokhriyal, Worldwide Director, Global Digital Commerce at the Colgate-Palmolive Company.
