It appears that Indian e-commerce startups are becoming a top pick for investors this year. Just a day after Bangalore-based Flipkart closed a $360 million funding round, product recommendation platform for e-commerce companies Unbxd, also a Bangalore startup, succeeded in raising $2 million series A funding from IDG Ventures India and Inventus Capital Partners.
According to Unbxd, the funds will be used to expand its presence in India, Singapore and North America. The fund will also be used to ramp up R&D activities to drive innovation.
“We see this funding as critical to our expansion plans with a focus on increasing our customer base along with the development of new and existing products,” said Pavan Sondur, Unbxd Inc’s Co-founder and CEO.
The Bangalore based technopreneur said e-commerce has seen tremendous growth globally with conversion optimization emerging as a key focus area for online businesses, which already faces tremendous pressure due to high operating costs. He pointed out Unbxd can help businesses improve their return on investment without raising their marketing budgets.
IDG Ventures vice president Venkatesh Peddi and Inventus Advisor India’s principal Rutvik Doshi joined Unbxd’s Board of Directors. Unbxd previously raised undisclosed funding from the Indian Angel Network (IAN) in April 2012.
“Harvesting user behaviour in real-time on e-commerce sites and using that data to make effective product recommendations is increasingly adopted by e-commerce sites on the web and mobile, and we’re confident that Unbxd’s SmartEngage platform will help e-Commerce players do this better,” said Unbxd CTO Prashant Kumar.
On the investment, Doshi said that Unbxd impressed investors with its growing traction on solutions for e-commerce businesses.
“We believe that the Unbxd platform’s key benefit of harnessing user behaviour and making real time recommendations has a global appeal. We found in Unbxd, a team can deliver a superior product and build a global company from India,” added Doshi.
(Editing by Paul Bischoff)