The company aims to target the global eCommerce market with a strong focus on India, Singapore and North America.
Bangalore – October 10, 2013. Unbxd, a leading product recommendation platform for eCommerce companies, today announced that it has raised USD 2 Million in its Series A round of funding, from venture capital funds, IDG Ventures India and Inventus Capital Partners. The funds will be used to strengthen the company’s presence in India, Singapore and North America and help Unbxd establish itself as a successful global product company from India. This capital infusion will also be used to ramp up R&D efforts while driving innovation.
Venkatesh Peddi, from IDG Ventures and Rutvik Doshi, from Inventus, have joined Unbxd’s Board of Directors. Unbxd had previously raised funding from the Indian Angel Network (IAN) in April 2012.
The Unbxd SmartEngage Platform helps eCommerce sites increase sales by recommending the right products to visitors. Unbxd tracks online shoppers in realtime and powers eCommerce sites to deliver unique personalized shopping experiences to their visitors.
“We see this funding as critical to our expansion plans with a focus on increasing our customer base along with the development of new and existing products” said Pavan Sondur, the co-founder and CEO of Unbxd. “eCommerce has seen tremendous growth globally with conversion optimization emerging as a key focus area for online businesses which already face tremendous pressure due to high operating costs. Moreover, with Unbxd, businesses can improve their Marketing ROI without increasing their marketing spend at all” he added.
“Harvesting user behaviour in real time on eCommerce sites and using that data to make effective product recommendations is increasingly adopted by eCommerce sites on the web and mobile and we’re confident that Unbxd’s SmartEngage platform will help eCommerce players do this better.” said Prashant Kumar, the CTO of Unbxd. With the eCommerce market valued at more than $200 BN, enablers like Unbxd can help medium and large eCommerce ventures focus more on relevancy, personalisation and conversion optimisation. As Pavan mentions, the Unbxd SmartEngage platform is most useful for product managers, category managers and marketers at eCommerce companies that want a greater degree of control over their search and navigation experience as well as a higher level of personalisation across their website.
Rutvik Doshi, Principal, Inventus Advisors India, said, “We were impressed by the significant revenue lift that Unbxd’s solutions were generating with their eCommerce customers. We believe that the Unbxd platform’s key benefit of harnessing user behavior and making real time recommendations has a global appeal. We found in Unbxd, a team that can deliver a superior product and build a global company from India.”
Since they launched, Unbxd has added leading eCommerce companies from India and Singapore. Some of their clients have seen increases in conversions of up to 50% after they integrated the Unbxd SmartEngage Platform.
Venkatesh Peddi, Vice President, IDG Ventures India summed it up by saying, “We are pleased with the rapid strides Unbxd has made over the past year. We believe that SmartEngage is a unique platform with large global market potential and are excited to be part of this growing company.”
Unbxd Inc, is a product recommendation platform that provides search, navigation, merchandizing and analytics solutions for eCommerce companies. Unbxd’s products make it easier for eCommerce players to showcase targeted & relevant products and recommendations to visitors, create merchandizing rules and track visitor interactions. Having been incorporated in October 2011, Unbxd has quickly grown to be a leading personalization & search provider in India and they pride themselves on values like innovation, accuracy and reliability.
Unbxd’s highly optimized cloud infrastructure enables several e-commerce platforms to provide advanced search and merchandising on their websites. This platform has helped medium and large ecommerce companies such as Trendin, Carat Lane and CBazaar radically improve conversions and increase sales volumes.
Unbxd is backed by IDG Ventures and Inventus Capital and has recently closed their series A round of funding.
To learn more about the company and it’s products, please visit www.unbxd.com
About IDG Ventures India (www.idgvcindia.com)
IDG Ventures India is a leading technology venture capital fund in India. The fund is part of IDG Ventures, a global network of technology venture funds with over $5.5 billion under management with over 220 investee companies and 10 offices across Asia and North America. By combining the IDG platform — an unparalleled combination of global publishing, market research (IDC), and conferences and exhibition resources — with years of hands-on experience in early-stage company building, IDG Ventures India helps its investee companies understand their markets better and achieve leadership position ahead of competition. The IDG Ventures India portfolio companies include, Apalya, Aujas Networks, eShakti, Forus Health, iCreate, iProf, Manthan Systems, Myntra, Ozone Media, Perfint, Sourcebits, Valyoo Technologies, Vserv and Zivame.
About Inventus Capital Partners
Inventus Capital Partners is a US-India venture firm managed by successful entrepreneurs and industry operating veterans who have backed over 100 entrepreneurs with operations in India and/or Silicon Valley. Inventus backs entrepreneurs first and foremost. The companies financed by Inventus include TELiBrahma, Insta Health, redBus, FundsIndia, Vizury, Sokrati, eTechies, Cbazaar, Savaari, Power2sme, Policybazaar and eDreams. Inventus is currently investing out of its recently raised Fund-II. More information about Inventus is available at www.inventuscap.com.