E-commerce management platform CommerceIQ has raised a $60 million Series C funding round led by Insight Partners. Existing investors Trinity Ventures, Shasta Ventures, and Madrona Venture Group also participated in the round. With this round, the startup has so far raised $81 million.
The startup will be using the funds for international expansion and product research and development focused on further maximising brand revenue and profitability on online marketplaces such as Amazon and Walmart. It will also be doubling down on its headcount to 250 by the end of the year. The company also intends to significantly scale its India operations, with additional key hires in software and product development, data science and analytics, Product Operations and Support.
CommerceIQ ties together multiple functions such as sales, advertising, supply chain operations and drives large scale automations across the e-commerce operation.
“With a 40 per cent growth in e-commerce this year alone, it is imperative that brands apply automation and machine learning to manage their business online,” said Guru Hariharan, CEO of CommerceIQ. “Our customers are using our platform to win in e-commerce, by harnessing real-time visibility to all aspects of the operation within a single source of truth to drive automations at scale.”
CommerceIQ has seen 300 per cent over the last two years. Today it has more than 2,200 brands that use the technology to enhance profitability by up to 20 per cent on an average.
“It is not necessarily obvious that most of digital commerce is thriving through indirect channels, like Amazon, Walmart and the like, with only 15 per cent occurring through brands’ direct efforts. CommerceIQ’s unique focus on indirect channels is helping large brands deliver on the metrics that matter and win the lion share of the e-commerce market in a post-pandemic world,” said Nikitas Koutoupes, Managing Director at Insight Partners, who will be joining CommerceIQ’s board.
Winning a customer in e-commerce is unique and takes building a different muscle versus the traditional ways of doing business. “To that end, we leverage artificial intelligence-led platforms like Commerce IQ to bring the best to bear for our online presence, enabling our teams to be more effective. Automation has helped us move away from manual processes to streamlined e-commerce operations, driving market share and profitability,” said Surabhi Pokhriyal, Worldwide Director, Global Digital Commerce at the Colgate-Palmolive Company.
CommerceIQ is also doing due diligence in terms of market landscaping and talking to a number of companies, which are solving for ecommerce, for acquisition, according to Hariharan.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU