Unbxd Raises Funds in Series B Led by Nirvana Venture Advisors
Unbxd, a Bengaluru based leading provider of eCommerce product discovery software, has secured an undisclosed amount of capital in the Series B round of funding. The funding was led by entities advised and managed by Nirvana Venture Advisors, along with existing investors including IDG Ventures, Inventus Capital, and Indian Angel Network. This is slated to help the startup grow faster, and scale the product to dominate the online retail market globally.
Further elucidating about the announcement, Pavan Sondur, Co-Founder & CEO at Unbxd said, “We are delighted to have secured our Series B round of funding. This will allow us to grow faster. The capital raised will be used to further strengthen the product, and scale sales and marketing to meet the growing demand for their products. Unbxd is very rapidly turning into the Weapon of Choice for retailers, in order to build a solid competitive edge against Amazon.”
“We are excited to partner with the Unbxd team in their endeavor to bring world class search experiences to retailers who have an online presence. We have been very impressed by the capabilities of the team and are looking forward to the company further expanding their global footprint.” said Rajan Mehra, Managing Director at Nirvana Venture Advisors.
The startup has been actively helping eCommerce companies deliver a truly superior shopping experience that is relevant and personalized, as per the usual behavior patterns of their customers. The platform is already serving 200 million eCommerce visitors a day - roughly the scale of Flipkart and Snapdeal combined. They expect to grow 10x by end of this year. Incepted in 2011, Unbxd has already acquired some big ticket clients, and a versatile team that believes in providing a truly exceptional customer experience. Additionally, the product’s potential to become the disruptor in the market segment has been the key driving force behind the successful Series B funding of the brand.
According to Venkatesh Peddi, Executive Director at IDG Ventures India, “Unbxd has grown very aggressively, and their successful expansion into North American markets validates their huge potential”. He added “We continue to remain impressed with the passion and drive of the founding team and are happy to be able to support them in their journey.”
Having grown exponentially in the last 10 months, Unbxd is now looking at strengthening its reach in the North America region increasing its user base for enterprise retail customers. “Our relevancy engine and machine learning models have consistently delivered value to some of the biggest eCommerce sites in the world” said Prashant Kumar, Co-founder and CTO. He added – “Had Unbxd been a standalone eCommerce site, we would be the biggest eCommerce company in India in terms of volume of traffic and GMV served.”
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