Bangalore-based Unbxd has raised $12.5 million in Series C funding led by Eight Roads Ventures, the proprietary investment arm of Fidelity International Limited, including existing investors IDG Ventures, Inventus Capital Partners, and Nirvana Ventures.
Kris Gopalakrishnan, Infosys Co-founder, also participated in the round.
Unbxd is a cloud-based product discovery platform for ecommerce. It offers AI driven plug-and-play solution for online retailers to capture the 15-40 percent in revenue that is lost because of a poor product discovery experience.
The proceeds will primarily be deployed towards strengthening its product offering and expanding sales and marketing team. Founded by Pavan Sondur and Prashant Kumar, Unbxd claims to power over 1.5 billion shopper interactions on a monthly basis.
“Unbxd has a great product/market fit, and now is the right time to accelerate its go-to-market strategy. Ecommerce product discovery tools represent a multi-billion-dollar opportunity globally and Unbxd is well positioned to emerge as a leader in the space,” said Raj Dugar, managing partner, Eight Roads Ventures. “
So far, Unbxd secured four rounds of investments including an undisclosed amount of Series B last year. Previously, it raised $2 million Series A round along with a seed round in 2012.
Importantly, Unbxd has become sixth Indian startup to raise Series C this year. The Series C has come for the company at a time when most startups are struggling to break barrier of Series B. With this round, the company will also open new offices, to be closer to its clientele base in Chicago and New York.
Unbxd claims that its revenue grew 400 percent in the past year and it has strengthened its Internet Retailer 500 customer base by adding leading retailers including Ashley HomeStore and FreshDirect.
Unbxd’s products are used by product managers, category managers and marketers at e-commerce companies that exercise control over their search and navigation experience and offer a higher level of personalisation across their websites.