CommerceIQ has raised $115 million in a round headed by SoftBank
CommerceIQ, an e-commerce Software-as-a-Service (SaaS) firm, has raised $115 million in a fundraising round spearheaded by SoftBank Vision Fund 2, valuing it at more than $1 billion and making it the year's 12th Indian startup unicorn.
CommerceIQ, a retail e-commerce management platform, has raised $115 million in a Series D investment headed by SoftBank Vision Fund 2. Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group were among the existing institutional investors who participated in the round.
CommerceIQ had raised $60 million in a Series C round in June 2021, increasing the total funding raised in the last 12 months to $175 million. The corporation claims to have raised the new funds at a valuation of more than $1 billion.
CommerceIQ said in a statement that the funds will be used to grow the company's global operations and expedite the development of its unified retail e-commerce management platform. A large chunk of the cash will be utilized to expand the company's hiring in India, including in software development, data science and analytics, product operations, and customer support.
According to the corporation, its Bengaluru office employs over 150 employees and is projected to nearly quadruple by the end of the year.
CommerceIQ aggregates data across sales, marketing, and supply chain processes using machine learning, analytics, and automation, assisting firms in gaining shoppers at the point of purchase and maintaining customer loyalty. Its unified platform uses machine learning and automation to help brands increase share-of-voice (SOV), reduce out-of-stock (OOS), and avoid revenue leakage across marketing, supply chain, and sales processes.
Nestle, Kellogg's, Mondelez International, Colgate, Whirlpool, and more than 2,200 consumer products leaders, according to the firm, use its platform to increase market share and profitability.
CommerceIQ has joined the ranks of other unicorns such as Amagi, Hasura, LEAD, Mamaearth, Fractal, DealShare, and Darwinbox in the current calendar year. This is the second startup to become a unicorn in 2022 as a result of a SoftBank investment. ElasticRun, a Kirana commerce platform, became a unicorn last month after receiving $300 million in funding from the Japanese internet giant.