Eight Roads leads $12.5m Series C for India's Unbxd

Existing investors IDG Ventures, Inventus Capital Partners, Nirvana Ventures also participated in the round alongside Kris Gopalakrishnan, the co-founder of Indian business technology consultant Infosys. The capital will be used to open new offices in the US and to advance the company’s artificial intelligence (AI) platform for processing shopper data and making recommendations to retailers.

“Traditional rules-based e-commerce technology is hard for retailers to manage while also delivering a poor experience for their shoppers,” Pavan Sondur, co-founder and CEO of Unbxd, said in a statement. “With a better AI solution in place, retailers are more competitive because shoppers can more easily buy what they seek.”

Unbxd tracks online transactions in real time to connect shoppers to the products they are most likely to buy, while providing predictive actionable insights for the merchandising efforts of some 1,300 e-commerce clients across 40 countries. It claims to have increased revenue by 400% during the past year after securing new customers including Ashley HomeStore, Express, and FreshDirect.

IDG, Inventus and Nirvana provided a Series B round of undisclosed size for the company last year alongside Indian Angel Network. This followed a $2 million Series A in 2013 from IDG and Inventus. Indian Angel led a seed round the prior year.

Eight Roads is an investment arm of Fidelity International that targets consumer, financial and enterprise technologies as well as healthcare and biosciences, education and skills development. Recent activity in India’s professional IT services space includes participation in a $25 million Series C for cloud software start-up Icertis.

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• Topics
• South Asia
• North America
• Expansion
• Technology
• India
• USA
• Eight Roads
• IDG Ventures
• TMT
• Venture