Retail e-commerce management platform CommerceIQ has raised $115 million in its Series D financing round led by SoftBank Vision Fund 2.
This has brought the valuation of the e-commerce Software-as-a-Service (SaaS) startup at more than $1 billion, making it the 12th Indian startup unicorn of this year.
The round saw participation from all existing institutional investors, Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group.
The fresh funding follows a $60 million round in June 2021, bringing the total funds raised in the past 12 months to $175 million.
As per the company, this investment will be used to expand CommerceIQ’s business globally and to accelerate the development of its unified retail e-commerce management platform. Also, a significant portion of the funds will also be used for hiring in India, including expansion across software development, data science & analytics, product operations, and customer support.
CommerceIQ is the pioneer for ‘Ecommerce Decision Management.’ The company is the only enterprise platform for the world’s largest brands that integrate data across sales, marketing, and operations and takes into account competitive and market dynamics to turbocharge their team with automation that makes time-consuming, repetitive tasks a thing of the past.
Let us take a look at the journey the company has had since its launch in 2012.
Its Journey To Success
Guru Hariharan founded the company in 2012. Before that, Guru had spent five-plus years at Amazon building out automated vendor management and supply chain.
In 2016, CommerceIQ starts life as Boomerang Commerce, to focus on price optimization solutions for eCommerce businesses founded by Guru Hariharan, former Amazon exec.
In 2018, it started developing eCommerce solutions for consumer brands looking to grow their business on Amazon.
In 2019, The company sold the retail business to Lowes, focuses on decision management, and rebrands as CommerceIQ. During the same year, it tripled the revenue year over year.
In 2020, the company triples revenue year over year.
In 2021, CommerceIQ completes Series C funding led by Insight Partners, introduces omnichannel offering, announces key partnerships. Doubles revenue year over year. Net retention rate increases to 150%.
CommerceIQ has been adopted by more than 2200 consumer brands accounting for billions of dollars in eCommerce sales and marketing spend, including Avery Products, Georgia Pacific, Spectrum Brands, and 3 of the top-5 Fast-Moving consumer goods companies in the U.S.
