Unbxd, a Bangalore-based startup focused on product recommendation, has raised a Series A round of funding of $2 million (Rs 12.4 crore) from venture capital firms Inventus Capital Partners and IDG Ventures India.
Proceeds from the latest round of fund raising will be used by Unbxd to strengthen its presence in Singapore and in the North American markets, while a substantial portion will also be used towards furthering its research and development efforts.
"E-commerce has seen tremendous growth globally with conversion optimisation emerging as a key focus area for online businesses which already face tremendous pressure due to high operating costs," said Pavan Kumar Sondur, 27, cofounder of Unbxd. This is the second round of institutional funding for the two-year-old startup, which had raised an undisclosed amount from Indian Angel Network in 2012.
Unbxd's proprietary product recommendation platform, SmartEngage, provides search, navigation, merchandising and analytics solutions for e-commerce ventures, making it easier for them to showcase targeted and relevant products and recommendations for consumers.
"We believe that the Unbxd platform's key benefit of harnessing user behavior and making real time recommendations has a global appeal," said Rutvik Doshi, principal at Inventus Capital Partners.