Startup offering software-as-a-service (SaaS) for e-commerce CommerceIQ announced a $115 million investment round spearheaded by SoftBank Vision Fund, valuing the firm at more than $1 billion and elevating it to the 12th Indian startup unicorn of 2022.
The investment was also joined by Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group. CommerceIQ’s new capital comes on the heels of a $60 million round in June 2021, bringing the company’s total fundraising in the previous 12 months to $175 million.
The firm delivers software to brands that help them sell more effectively on e-commerce platforms, primarily Amazon. The fresh investment will be used to expand CommerceIQ’s company in India and throughout the world, add more platforms, and create new tools and solutions. The firm presently operates in the United States, Canada, Europe, and India.
“Our mission is to empower brands to move from analogue to algorithms. 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 an average revenue growth of 18%, driven by real-time optimizations that boost share-of-voice (SOV), minimize out-of-stock (OOS), and prevent revenue leakage,” said Guru Hariharan, CEO of CommerceIQ.
“We have to solve for Flipkart and BigBasket next,” said Prasun Kumar, vice president of engineering and head of India operations. In comparison to marketplaces like Flipkart, Amazon, and BigBasket, he claims that the company’s clients have yet to gain substantial momentum on rapid commerce platforms.
“As e-commerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online,” said Priya Saiprasad, partner at SoftBank Investment Advisers. “We believe that CommerceIQ can provide companies with a substantial edge by harnessing the power of algorithms and automation to supercharge their online presence.” Saiprasad will be joining the board of directors of CommerceIQ.
