In Startup50 2016: For powering a truly global product discovery platform for ecommerce companies in over 40 countries, serving 1200 e-commerce companies.
Founders: Pavan Sondur, Prashant Kumar
Bangalore-based Unbxd develops on-site product discovery software for ecommerce companies that provide search, navigation, product recommendations, merchandizing and analytics capabilities. Unbxd’s products make it easier for ecommerce players to showcase targeted and relevant products to shoppers, while tracking their interactions with the site.
The company received seed fund in September 2012 from Indian Angel Network; Series A funding of US $2 million, from IDG Ventures and Inventus Capital, in October 2013; non-equity assistance from Target Accelerator Program in February 2014; and Series B fund led by Nirvana Venture Advisors, IDG Ventures, Inventus Capital and Indian Angel Networkin May 2016.
The company, which employs 65 people, has powered over 1200 e-commerce companies in over 40 countries. While powering half of India’s top 10 online retailers, more than 85 per cent of its revenues come from the US, the largest retail market in the world.
The company’s revenue in the past has doubled every 4 months, and it is already a profit making venture. By the end of this year, it expects to see a 10x revenue growth.
Improved Product Discovery and Search: Helps understandshopper behaviour through numerous data signals, so that online retailers can provide them with relevant and easy shopping experience. It can help to reduce shopping cart abandonment by over 34 per cent, and increase conversions by over 35 per cent.
Real-time, Intelligent Segmentation: Adaptive algorithms help understand shopper behaviour, allowing it to segment visitors in real-time to improve cross-sell and up-sell relevant products, thus increasing the average order value by over 26 per cent.
Shorter Implementation Timelines: From a normal implementation timeline between 3 and 12 months, Unbxd solution can be deployed well within three weeks through innovative technology. The product is platform agnostic.