Algorithmic platform CommerceIQ, which helps consumer brands win in e-commerce, has raised Series D funding of $115 million (around Rs 874 crore) led by SoftBank Vision Fund 2 at unicorn valuation.
Unicorns are startups that boast of a valuation of at least $1 billion.
The round also saw participation from existing investors including Insight Partners, Trinity Ventures, Shasta Ventures and Madrona Venture Group, the firm said in a statement on Monday.
CommerceIQ, operated by Boomerang Commerce Inc, plans to use the fresh capital for expanding its India and global footprints, as well as to ramp up its unified retail ecommerce management platform.
The platform also looks to onboard talents across software development, data science and analytics, product operations and customer support.
Last year in June, CommerceIQ secured $60 million in a Series C round, bringing its total raised funding in the last 12 months to $175 million. Till date, the firm has raised $200 million from venture investors.
Meanwhile, Priya Saiprasad, partner at Softbank Vision Fund, will join the CommerceIQ Board.
Founded by Guru Hariharan, CommerceIQ uses machine learning, analytics and automation to optimise ecommerce channels across supply chain, marketing and sales operations.
The California-based platform counts Kellogg’s, Mondelez International, Nestle, Whirlpool, and Colgate, Johnson & Johnson as its clients.
The firm, which claims to employ over 150 people in its Bengaluru office, aims to nearly double the count by the end of the year.
CommerceIQ closed out the year doubling year-over-year revenue, doubling customers served, and doubling headcount across every department in the US and India, it said.
“Our mission is to empower brands to move from analog 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.
Prasun Kumar, VP Engineering and Head of India Operations, said, “We expect strong growth to continue as retail ecommerce adoption rapidly grows globally. Our footprint in India will be aggressively expanded to capitalize on our global growth and momentum. We are expecting 2022 to be a watershed year for us.”
