CommerceIQ turns unicorn in $115 mn funding round via SoftBank Vision Fund
- ByStartupStory | March 22, 2022
CommerceIQ raised about $115 million in a funding round led by SoftBank Vision Fund 2, valuing the ecommerce Software-as-a-Service (SaaS) startup at over $1 billion and making it the 12th Indian startup unicorn of the current year.
The round also saw participation from Insight Partners, Trinity Ventures, Shasta Ventures, and Madron Venture Group.
In June 2021, the fresh funding follows a $60 million round, bringing the total funds raised to $175 million in the past 12 months.
Softwares are provided to brands that help them sell better on ecommerce platforms, mainly Amazon by CommerceIQ.
The latest funds will be used in order to expand business in India and abroad, add more platforms, and develop more tools and products.
The company is currently operated in places like the United States, Canada, and Europe apart from India.
Guru Hariharan, chief executive of CommerceIQ said for large consumer brands, winning in ecommerce is no longer a side business or experiment. Most brands have challenges with achieving attractive profit margins and managing the scale and complexity of running a business through retail ecommerce channels, while e-commerce growth is often faster than brick-and-mortar, which are powered by AI algorithms and APIs on the other end.
An annual subscription is charged by CommerceIQ, which is based on the prospective client’s business. On its software it soon plans to build 8-10 products.
Prasun Kumar, VP of engineering and head of India operations said next they have to solve for Flipkart and BgBasket. Kumar further added that about a 20% jump in sales has been seen by the company after deploying CommerceIQ’s software.
On quick commerce platforms compared to marketplaces such as Flipkart, Amazon and BigBasket, the company’s clients have yet to see significant traction, he added.
Ecommerce sales and operations; retail media management, which involves advertising; and supply chain management, are the three of its new products that are already live, which ensures that brands do not run out of stock.
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