The Series C round also saw participation from existing investors, Trinity Ventures, Shasta Ventures, and Madrona Venture Group, a statement said
CommerceIQ, which provides e-commerce solutions to consumer brands, on Tuesday said it has raised USD 60 million (about Rs 446 crore), led by Insight Partners. The Series C round also saw participation from existing investors, Trinity Ventures, Shasta Ventures, and Madrona Venture Group, a statement said.
The money raised will fund international expansion, and product research and development focused on further maximizing brand revenue and profitability on Amazon, Walmart, Instacart, Target, and other online marketplaces, it added. The company also intends to significantly scale its India operations, with additional key hires in software and product development, data science and analytics, product operations, and support, it said.
CommerceIQ has raised USD 81 million to date. ‘With a 40 percent growth in e-commerce this year alone, it is imperative that brands apply automation and machine learning to manage their business online. The tried and true methods that were perfected for brick and mortar simply do not work online,’ CommerceIQ CEO Guru Hariharan said. He added that CommerceIQ’s customers are using its 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 automation at scale.
‘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,’ he said.
The company said it has witnessed triple-digit growth over the last two years but did not specify details. It has more than 2,200 brands that use its technology to increase the share of voice, pump up incremental sales and enhance profitability, it added.
CommerceIQ’s solutions have been adopted by consumer brands like Kellogg’s, Nestle, Colgate-Palmolive, and Spectrum Brands. Headquartered in Mountain View, California in the US, CommerceIQ has more than 110 of its team working at its Bengaluru office.
Source: Business World