BENGALURU: Unbxd, a cloud-based product discovery platform for ecommerce, on Monday, raised $12.5 million (Rs 80 crore) in Series C funding led by Eight Roads Ventures. According to official sources, the company will use the funding to further invest in its artificial intelligence (AI) powered platform that enables online retailers to capture the 15%-40% in revenue that is lost due to a poor product discovery experience. Commenting on the fundraising, Unbxd CoFounder & CEO Pavan Sondur said traditional rules-based e-commerce technology is hard for retailers to manage while also delivering a poor experience for their shoppers. “With a better AI solution in place, retailers are more competitive because shoppers can more easily buy what they seek,” he said. Besides Eight Roads Ventures owned by Fidelity International, Bengaluru-based Unbxd funding also witnessed participation from existing investors IDG Ventures, Inventus Capital Partners and Nirvana Ventures. Infosys CoFounder Kris Gopalakrishnan also invested in the round. Unbxd was founded in October 2011 by Pavan Vilas Sondur (CEO) and Prashant Kumar (CTO). According to Unbxd sources, Avendus Capital was the exclusive financial advisor to Unbxd’s Series C round. Sondur said the Unbxd Intelligence Engine today captures and processes more than 50 shopper data signals, to power personalised search, navigation and product recommendations on e-commerce sites. “Unbxd will also open new offices, to be closer to its customers in Chicago and New York,” he said. The Unbxd AI-powered personalised product discovery platform understands users’ intent to significantly enhance their online shopping experiences, increasing conversions and revenue. The company enables personalised site search, navigation, product recommendations and merchandising for online retailers including Ashley HomeStore, Express, FreshDirect, Rue21 and ibSupply. Unbxd powers more than 1.5 billion shopper interactions a month.
