Mar 22, 2022By: BI India Bureau
San Francisco-based e-commerce analytics platform CommerceIQ — which helps consumer brands sell online — is the latest startup to join the unicorn club. A unicorn, in startup parlance, is a company valued at or over a billion dollars.
CommerceIQ has raised $115 million in a round led by SoftBank Vision Fund 2. Existing investors Insight Partners, Trinity Ventures, Shasta Ventures and Madrona Venture Group also participated in the Series D round.
Priya Saiprasad, partner at SoftBank Investment Advisers, will also join the CommerceIQ Board of Directors.
CommerceIQ has raised close to $300 million to date, with $60 million being raised in June 2021.
CommerceIQ uses machine learning, analytics and automation to aggregate data across sales, marketing, and supply chain operations of a consumer brand. It helps brands sell online and maintain customers’ loyalty. The technology behind CommerceIQ’s platform has been developed out of its Bengaluru facilities.
CommerceIQ was founded by Guru Hariharan in 2019. Prior to this, he led Boomerang Commerce for nearly seven years. He was also the director and general manager of Global Marketplace Experience at eBay.
The latest investment led by SoftBank will help CommerceIQ expand its business presence globally, including India, and to accelerate the development of its platform.
In order to expand its presence to India, CommerceIQ has tweaked its algorithmic components to optimally respond to shoppers’ behaviour on local retailers such as Amazon.in and Flipkart.
CommerceIQ will also be looking to hire tech talent across software development, data science and analytics, product operations, and customer support in India.The company employs over 150 people out of its Bengaluru office, and is expected to nearly double the headcount by the end of the year.