Volusion Inc., an Austin, Texas based commerce solution provider has raised USD 35 Mn Debt financing from Silicon Valley Bank, as announced on the company’s blog post.
The team plans to utilize the raised funds to support its growing portfolio of commerce technology and services, including the launch of Mozu, the newest enterprise commerce platform of the company. Also, it is the first outside funding of the company since its inception.
“This financing will be leveraged to further enhance the Volusion platform to serve our small and medium-sized business customers, and will help drive our aggressive goals to better serve the entirety of our customer base, including the ability to grow our team across all areas of the organization”.
Since 1999, Volusion, Inc. provides commerce solutions for all business types, ranging from startups to large enterprises. The organization’s product portfolio includes: the Volusion platform, designed for entrepreneurs and SMBs, and the Mozu platform, built for the enterprise market.
Mozu is a multi-tenant SaaS platform, that enables endless customization and is designed to advance commerce technology by combining enterprise commerce management, digital experience and full extensibility into one solution.
Apart from creating web stores, the platform also helps with SEO, marketing, payment processing, etc. Also, as mentioned on the website, the company claims to have Over USD 12 Bn in merchant sales worldwide to date with 450+ employees and 40, 000+ stores currently using volusion software.
Volusion currently competes with brands like BigCommerce, LightSpeed retail along with Shopify, which recently raised a USD 100 Mn round.
One of the key factors which drive the adoption of SaaS based models in India is the rapidly growing eCommerce segment. According to a recent Assocham report, the Indian eCommerce market was valued at USD 16 Bn in 2013 and is expected to reach USD 56 Bn by 2023.
In the past few years, the Indian eCommerce SaaS market has significantly attracted international players to make their foray into this space. The recent being, official foray of Shopify in mid 2013.
With the entry of more players in the segment, the market has become quite price sensitive with some providing services at even zero setup and maintenance cost. Some of the major players in this space include Martjack, Kartrocket, Purplestores, Zepo, Buildabazaar, Shopnix, 39 shops and many more.
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