CommerceIQ becomes unicorn after raising $115Mn
By MYBRANDBOOK
Retail e-commerce management platform CommerceIQ has raised $115 million in its Series D financing round led by SoftBank Vision Fund 2.
The company has raised the fresh proceeds at a valuation of more than $1 billion. CommerceIQ has joined the likes of Amagi, Hasura, LEAD, Mamaearth, Fractal, DealShare, Darwinbox among others that have also gained unicorn status in the ongoing calendar year.
These funds will be used to expand CommerceIQ’s business globally and to accelerate the development of its unified retail e-commerce management platform. 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 uses machine learning, analytics, and automation to aggregate data across sales, marketing, and supply chain operations, helping brands gain shoppers at the moment of purchase and maintain customer loyalty.
The company’s unified platform applies machine learning and automation across marketing, supply chain, and sales operations to help brands boost share-of-voice (SOV), minimize out-of-stock (OOS), and prevent revenue leakage.
The company employs over 150 people out of its Bengaluru office and is expected to nearly double that by the end of the year.
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