19th June 2017 | Mumbai | Investment Banking
Unbxd, the cloud-based product discovery platform for e-commerce, has raised Series C funding led by Eight Roads Ventures, the proprietary investment arm of Fidelity International Limited, and from existing investors IDG Ventures, Inventus Capital Partners and Nirvana Ventures. Unbxd will further invest in its artificial intelligence (AI) powered platform that enables online retailers to capture the 15%-40% in revenue that is lost due to a poor product discovery experience. Kris Gopalakrishnan, Infosys Co-Founder, also invested in the round.
Avendus Capital was the exclusive financial advisor to Unbxd’s Series C round.
US retail’s success in e-commerce has become more critical now than ever and heavily hinges on customer experience. The Unbxd AI powered personalized product discovery platform uniquely understands users’ intent to significantly enhance their online shopping experiences, increasing conversions and revenue.
“Traditional rules-based e-commerce technology is hard for retailers to manage while also delivering a poor experience for their shoppers. With a better AI solution in place, retailers are more competitive because shoppers can more easily buy what they seek,” said Pavan Sondur, Co-Founder & CEO of Unbxd.
“Unbxd has a great product/market fit, and now is the right time to accelerate its go-to-market strategy. Ecommerce product discovery tools represent a multi-billion-dollar opportunity globally and Unbxd is well positioned to emerge as a leader in the space,” said Raj Dugar, Managing Partner, Eight Roads Ventures.
The funds raised will be invested in enhancing Unbxd’s proprietary Intelligence Engine. The Unbxd Intelligence Engine today captures and processes more than 50 shopper data signals, to power personalized search, navigation and product recommendations on e-commerce sites. Unbxd will also open new offices, to be closer to its customers in Chicago and New York.
Unbxd’s revenue grew 400% in the past year and it strengthened its Internet Retailer 500 customer base by adding leading retailers including Ashley HomeStore, Express and FreshDirect.
Pankaj Naik, Co-head of the Digital & Technology practice at Avendus Capital, commented, “In a short period, Unbxd has created a truly differentiated SaaS product that is winning against incumbents in a significantly large market. We are very impressed with the Unbxd team and their relentless focus on winning the market in the most capital efficient way. Global SaaS investors are increasingly interested in differentiated Indian SaaS companies and Unbxd’s early success is a great validation of a scalable and capital efficient enterprise business being built out of India.”
Unbxd, the fastest growing e-commerce product discovery platform, applies artificial intelligence and advanced data sciences to connect shoppers to the products they are most likely to buy. http://unbxd.comUnbxd enables personalized site search, navigation, product recommendations and merchandising for leading online retailers including Ashley HomeStore, Express, FreshDirect, Rue21 and ibSupply. Unbxd powers more than 1.5 billion shopper interactions a month.
About Eight Roads Ventures
Eight Roads Ventures backs entrepreneurs with aspirations for greatness. By combining a collaborative approach with the strength and resources of the Fidelity network and a near 50-year history of investing, Eight Roads helps companies across the globe accelerate their growth and become leaders in their field. Our track record includes investments in Alibaba, BankBazaar, Cloudian, IFMR, Icertis, Made.com, Manthan Systems, Netmagic (NTT) and WHILL.
About Avendus Capital Pvt. Ltd. (“Avendus Capital”)
The Avendus Group (Avendus) is a leading provider of financial services with an emphasis on customized solutions in the areas of Financial Advisory, Wealth Management, Structured Credit Solutions and Alternative Assets Management. Avendus relies on its extensive experience, in-depth domain understanding and knowledge of the regulatory environment, to offer customized solutions that enable clients to meet their strategic aspirations. Avendus Capital has consistently been ranked among the leading financial advisors by overall number of deals. It has a strong track record of cross-border transactions and has helped multiple clients benefit from opportunities across geographies. Avendus’s wide range of clients is testimony to its ability to serve its corporate clients throughout their life cycle – from growth stage funding to complex, large sized transactions later in the cycle.
Avendus Capital Inc. and Avendus Capital (UK) Pvt. Ltd. located in New York and London respectively are wholly owned subsidiaries offering M&A and Private Equity syndication services to clients in the respective regions.
For more information, please visit www.avendus.com