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CommerceIQ closes $60M funding round, to scale India operations
Bengaluru, June 22 - Ecommerce management platform CommerceIQ on Tuesday said it has closed a $60M Series C funding round to scale India operations.
The round will fund international expansion and product research and development focused on maximising brand revenue and profitability on Amazon, Walmart, Instacart, Target and other online marketplaces.
The company, which has raised $81 million to date, said it plans additional key hires in software and product development, data science and analytics, product operations and support.
"The tried-and-true methods that were perfected for brick and mortar simply do not work online. Our customers are using our platform to win in e-commerce, by harnessing real-time visibility to all aspects of the operation within a single source of truth to drive automations at scale," said Guru Hariharan, CEO of CommerceIQ.
The latest funding round was led by Insight Partners, the venture capital and private equity firm behind brands like Shopify, Twitter, Hello Fresh and Wix, among others.
CommerceIQ has experienced triple digit growth over the last two years.
It has more than 2,200 brands that use the technology daily to increase share of voice (20 per cent on average), pump up incremental sales (40 per cent on average) and enhance profitability (20 per cent on average).
"In the last two years in India alone, we have doubled our headcount and as we move forward, these operations will be a pillar of the overall growth of the company and our ability to deliver on our ambitious product roadmap," Hariharan added.
"CommerceIQ's unique focus on indirect channels is helping large brands deliver on the metrics that matter and win the lion share of the e-commerce market in a post-pandemic world," said Nikitas Koutoupes, Managing Director at Insight Partners who will be joining CommerceIQ's board.
The company is headquartered in Mountain View, California and has a significant India presence, with more than 110 of its team employed in Bengaluru.
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