Ecommerce management startup CommerceIQ is all set to ramp up its India operations after raising $60 million in a Series C funding round led by Insight Partners, the venture capital and private equity firm behind market-changing brands Shopify, Twitter, Hello Fresh, and Wix, among others on Tuesday.
Existing investors Trinity Ventures, Shasta Ventures, and Madrona Venture Group also participated in the round. The company is expecting to hit $1.2 trillion by 2024. Nikitas Koutoupes, managing director at Insight Partners will join CommerceIQ’s board.
“It is not necessarily obvious that most of the digital commerce is thriving through indirect channels, like Amazon, Walmart and the like, with only 15 percent occurring through brands’ direct efforts. 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. We couldn’t be more excited to welcome CommerceIQ to the Insight portfolio.”
With this fresh influx of funding, the company plans to expand its global footprint, product research and development focused on further maximising brand revenue and profitability on Amazon, Walmart, Instacart, Target and other online marketplaces.
“With a 40 percent growth in ecommerce this year alone, it is imperative that brands apply automation and machine learning to manage their business online,” said Guru Hariharan, CEO of CommerceIQ.
“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,” Hariharan added.
