Bangalore-based Unbxd Inc, which offers a product recommendation platform for e-commerce companies, has raised $2 million in Series A round of funding IDG Ventures India and Inventus Capital Partners. The company will use the capital to strengthen its presence in India and also to expand to Singapore and North America. A part of the money will be used to ramp up its R&D efforts.
As part of the deal, Venkatesh Peddi from IDG Ventures and Rutvik Doshi from Inventus have joined Unbxd's board.
Last September, the company had raised an undisclosed amount in funding from Indian Angel Network.
Unbxd was founded in October 2011 by Pavan Vilas Sondur (CEO) and Prashant Kumar (CTO). Its SmartEngage platform helps e-commerce sites increase sales by recommending the right products to visitors. This platform is useful for product managers, category managers and marketers at e-commerce companies that want a greater degree of control over their search and navigation experience as well as a higher level of personalisation across their website, the company claimed in a press statement. The platform tracks online shoppers in real time and powers e-commerce sites to deliver personalised shopping experiences to their visitors.
"E-commerce has seen tremendous growth globally with conversion optimisation emerging as a key focus area for online businesses which already face tremendous pressure due to high operating costs. Moreover, with Unbxd, businesses can improve their marketing ROI without increasing their marketing spend at all," said Sondur. "We see this funding as critical to our expansion plans with a focus on increasing the customer base along with the development of products."
(Edited by Joby Puthuparampil Johnson)