CIO Insider

CIOInsider India Magazine

Separator

CommerceIQ Plans Expansion in India with $ 115 Million

CIO Insider Team | Tuesday, 22 March, 2022
Separator

E-commerce analytics firm, CommerceIQ, raised $ 115 million landing a valuation of over $ 1 billion in a Series D financing round and plans to expand its business globally including India.

Additionally, the investment will be used for recruitment in India, while expanding across software development, data science & analytics, product operations, and customer support.

Through machine learning, analytics, and automation, CommerceIQ aggregates data across sales, marketing, and supply chain operations to help pool shoppers at the moment of purchase and maintain customer loyalty to brands. Its technology is said to have been built out of its facilities in Bangalore.

Known for connecting as well as automating data and decisions across the entire e-commerce stack, through this investment, it plans to accelerate its platform development.

our customers are winning big, with an average revenue growth of 18 per cent, driven by real-time optimisations that boost share-of-voice (SOV), minimise out-of-stock (OOS), and prevent revenue leakage”, adds Guru Hariharan, CEO, CommerceIQ

Its Series C funding round that scored $ 60 million, took place last year, summing up to a total of $175 million.

The company has made its algorithmic components to optimally respond to shopper’s behavior among local retailers like Amazon.in, added with a support for local websites like Flipkart. This falls under its recently announced go-to market expansion to service brands in the Indian market.

In the words of Priya Saiprasad, Partner, SoftBank Investment Advisers, “as e-commerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online”.

Saiprasad is expected to join the CommerceIQ Board of Directors quoting, “we believe that CommerceIQ can provide companies with a substantial edge by harnessing the power of algorithms and automation to supercharge their online presence. We are delighted to partner with Guru and the team on their mission to help brands win in e-commerce”.

“Winners in this new era of commerce will be determined by how fast they can reinvent their business from siloed and manual to fully connected and automated. And our customers are winning big, with an average revenue growth of 18 per cent, driven by real-time optimisations that boost share-of-voice (SOV), minimise out-of-stock (OOS), and prevent revenue leakage”, adds Guru Hariharan, CEO, CommerceIQ.

The Series D round was led by SoftBank Vision Fund 2 along with the participation of existing institutional investors namely Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group.

Current Issue
VKRAFT Software Services: Pioneering Innovation In Integration & Beyond