California-based retail e-commerce management platform, CommerceIQ, has raised $115 million in Series D funding led by SoftBank Vision Fund 2, bringing the company’s total valuation to more than $1 billion.
The new investment makes CommerceIQ the 12th Indian startup unicorn of 2022.
The round also saw participation from existing investors including Insight Partners, Trinity Ventures, Shasta Ventures and Madrona Venture Group, the firm said in a statement on Monday.
CommerceIQ will use the new investment to expand its India and global footprints, and to ramp up its unified retail ecommerce management platform, which connects and automates data and decisions across the entire ecommerce stack to power intelligent, profitable growth for leading global brands.
The company had secured $60 million in a Series C round last year in June, bringing its total raised funding in the last 12 months to $175 million.
CommerceIQ uses machine learning, analytics and automation to optimize ecommerce channels across supply chain, marketing and sales operations. It is known as the platform of choice for the largest first-party (1P) sellers on retail ecommerce channels, including Johnson & Johnson, Kellogg’s, Kimberly Clark, Bayer, KIND, Nestle, Henkel, Colgate, MARS, and Britax.
“As e-commerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online. 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,” said Priya Saiprasad, Partner at SoftBank Investment Advisers.
Saiprasad will also join the CommerceIQ Board.
“Our mission is to empower brands to move from analog to algorithms. 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%, driven by real-time optimizations that boost share-of-voice (SOV), minimize out-of-stock (OOS), and prevent revenue leakage,” said Guru Hariharan, CEO of CommerceIQ.
Eleven other startups have entered India’s unicorn club so far this year including debt marketplace CredAvenue, software-as-a-service startup Hasura, edtech firm Lead School, D2C brand Mamaearth, analytics platform Fractal, social commerce platform Dealshare, HR tech player Darwinbox, e-commerce logistics platform XpressBees, home interior firm Livspace, B2B e-commerce platform ElasticRun, and Uniphore, a startup which is into conversational automation.