Unbxd raises Series B funding from IDG, Inventus and others
Bangalore-based Unbxd Inc, which runs a product recommendation platform for e-commerce companies, has raised an undisclosed amount of capital in Series B funding led by existing investors IDG Ventures, Inventus Capital and Indian Angel Network (IAN).
Nirvana Venture Advisors also participated in the funding round.
The new funds will be used for scaling the product, hiring talent, and developing infrastructure.
"Unbxd has grown very aggressively, and its successful expansion into North American markets validates its huge potential," said Venkatesh Peddi, executive director, IDG Ventures India, in a statement.
In 2013, the company had raised $2 million in Series A round of funding from IDG Ventures India and Inventus Capital Partners. As part of the deal, Venkatesh Peddi from IDG Ventures and Rutvik Doshi from Inventus had joined Unbxd's board. Prior to that, it had raised an undisclosed amount in funding from IAN.
Unbxd was founded in October 2011 by Pavan Vilas Sondur (CEO) and Prashant Kumar (CTO). Its platform helps e-commerce sites increase sales by recommending the right products to visitors. It is used by product managers, category managers and marketers at e-commerce companies that exercise control over their search and navigation experience as well as offer a higher level of personalisation across their websites. The platform tracks online shoppers in real time and powers e-commerce sites to deliver personalised shopping experiences to their visitors.
The company claims to have served 200 million online shoppers till now.
In a similar segment, IStyleYou, which operates a platform where users can get a personal stylist, and also get product recommendations from e-commerce sites, raised $100,000 (around Rs 67 lakh) from accelerator Green House Ventures (GHV).
In February this year, IDG Ventures and Inventus Capital had also invested in Mumbai-based AasaanJobs Pvt. Ltd, which runs an online recruitment marketplace for blue-collar workers.
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