Company employs over 150 people out of its Bengaluru office, and is expected to nearly double the headcount by the end of the year
San Francisco-based e-commerce analytics platform CommerceIQ has raised $115 million in its Series D financing round at a valuation of more than $1 billion. This funding round follows CommerceIQ’s $60 million Series C round in June 2021, bringing total funding in the last 12 months to $175 million.
The Series D round was led by SoftBank Vision Fund 2 and included participation of all its existing institutional investors – Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group.
The investment will be used to expand CommerceIQ’s business globally, including India, and to accelerate the development of its platform, which connects and automates data and decisions across the entire e-commerce stack.
The investment will also aid hiring for CommerceIQ in India, including expansion across software development, data science & analytics, product operations, and customer support.
As part of a recently announced go-to-market expansion to service brands in the Indian market, CommerceIQ has tweaked its algorithmic components to optimally respond to shoppers’ behaviour on local retailers such as Amazon.in and added support for local websites like Flipkart. 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.
“As e-commerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online”, said Priya Saiprasad, Partner at SoftBank Investment Advisers. “We believe that CommerceIQ can provide companies with a substantial edge by harnessing the power of algorithms and automation to supercharge their online presence. We are delighted to partner with Guru and the team on their mission to help brands win in e-commerce”.
Saiprasad will also join the CommerceIQ Board of Directors.
CommerceIQ uses machine learning, analytics, and automation to aggregate data across sales, marketing, and supply chain operations, helping brands gain shoppers at the moment of purchase and maintain customer loyalty. The technology behind CommerceIQ’s platform has been developed out of CommerceIQ’s Bengaluru facilities.
“Winners in this new era of commerce will be determined by how fast they can reinvent their business from siloed and manual to fully connected and automated. And our customers are winning big, with an average revenue growth of 18 per cent, driven by real-time optimisations that boost share-of-voice (SOV), minimise out-of-stock (OOS), and prevent revenue leakage,” said Guru Hariharan, CEO of CommerceIQ.
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