San Francisco-based e-commerce algorithm platform CommerceIQ raised USD 115 million on March 21, 2022. The funding is a part of its Series D round. SoftBank Vision Fund 2 led the round for CommerceIQ. Besides, Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group participated in the round.
The latest funding turned CommerceIQ into a unicorn. It is the 12th Indian startup to turn unicorn this year. Earlier, Mamaearth, Hasura, Perfios, Darwinbox, etc., joined the unicorn club.
Purpose of Funding for CommerceIQ
The startup seeks to expand its operations globally, including in India and abroad. Further, they want to accelerate the development of its platform that connects automates data and decisions across the e-commerce stack.
Moreover, CommerceIQ will also develop more tools and products. Consequently, the fresh capital will aid in hiring more professionals in India. It seeks expansion across functions such as software development, data science & analytics, product operations, and customer support.
What do the officials of CommerceIQ have to say
“For large consumer brands, winning in e-commerce is no longer a side business or experiment. While e-commerce growth is often faster than brick-and-mortar, most brands have challenges with achieving attractive profit margins and managing the scale and complexity of running a business through retail e-commerce channels, which are powered by AI algorithms and APIs on the other end,” said Guru Hariharan, chief executive officer of CommerceIQ.
“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 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,” he added.
Prasun Kumar – VP Engineering and Head of India Operations, CommerceIQ, said, “The Series D funding will help accelerate product investments that empower brands to transform online retail from analogue to algorithms. We intend to scale our operations with key hires in engineering for leading-edge skills in data science, artificial intelligence (AI), machine learning (ML), and natural language processing (NLP).”
What the investors have to say
“As e-commerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online. 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,” said Priya Saiprasad, Partner at SoftBank Investment Advisers.
Meanwhile, Saiprasad will join the CommerceIQ Board of Directors.
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