CommerceIQ turns unicorn with a fund raise by SoftBank
CommerceIQ turns unicorn – With a $115 million Series D fund raising spearheaded by SoftBank Vision Fund 2, retail e-commerce management platform CommerceIQ has become a unicorn. According to the firm, the capital raise was worth $1 billion.
Other investors in the current round included Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group. According to the company, the funds will be used to expand its business globally, including in India, as well as to accelerate the development of its unified Retail Ecommerce Management Platform, For leading global businesses, the Management Platform links and automates data and decisions across the full ecommerce stack to support intelligent, profitable growth.
As part of a recently announced go-to-market expansion to service businesses in the Indian market, CommerceIQ has tweaked its algorithmic components to better react to customer behaviour on local retailers like Amazon and expanded assistance for regional websites like Flipkart.
“As e-commerce becomes more mainstream, competitiveness and technical complexity will make standing out online more difficult than ever,” said SoftBank Investment Advisers partner Priya Saiprasad. “We believe CommerceIQ can give businesses a significant competitive advantage by leveraging the power of algorithms and automation to supercharge their online presence.” “We’re ecstatic to be a part of Guru.”
CommerceIQ turns unicorn
CommerceIQ uses machine learning, analytics, and automation to aggregate data across sales, marketing, and supply chain processes, supporting trustworthy businesses in attracting shoppers at the time of purchase and keeping client loyalty. The platform technology behind CommerceIQ was developed in the company’s Bengaluru headquarters.
“We are extremely grateful to our financial partners for their assistance, which will help us to quickly scale and respond to the pressing needs of significant consumer brands in order to fully realise their potential.” CommerceIQ will become even more important for brands to improve their market share and profitability by offering intelligent automation throughout the whole ecommerce stack,” Hariharan stated.
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