Bangalore based product recommendation platform UNBXD, that provides search, navigation, merchandizing and analytics solutions for eCommerce companies has closed USD 2 Mn in funding led by IDG Ventures and Inventus Capital Partners.
The company plans to use the raised funds for strengthening its position in India, Singapore and North America. Further, it plans to use funds in R&D as well.
With the funding, Venkatesh Peddi, from IDG Ventures and Rutvik Doshi, from Inventus, have joined Unbxd’s Board of Directors.
UNBXD SmartEngage Platform helps eCommerce sites in increasing sales by recommending the right products to the visitors. It tracks online shoppers in real-time and powers eCommerce sites to deliver unique personalized shopping experiences to their visitors.
Harvesting user behaviour in real time on eCommerce sites and using that data to make effective product recommendations is increasingly adopted by eCommerce sites on the web and mobile.
Rutvik Doshi, Principal, Inventus Advisors India, said, “We believe that the Unbxd platform’s key benefit of harnessing user behavior and making real time recommendations has a global appeal. We found in Unbxd, a team that can deliver a superior product and build a global company from India.”
Since its launch it has added leading eCommerce companies from India and Singapore. A few of its client companies include Caratlane, CBAZAAR, Skoolshop, Travelguru. As per the company, some of the clients have seen an increase in conversions of up to 50% after they integrated the Unbxd SmartEngage Platform.
UNBXD was launched in 2011 and it had previously raised funding from Indian Angel Network (IAN) in April 2012.
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