Unbxd bets big on product discovery, to see 10x growth
Uma Kannan, July 18, 2016, DHNS 0:04 IST
Unbxd, a product discovery platform that helps ecommerce companies serve more customers, hopes to scale its offering to dominate the online retail market globally.
Unbxd, which started off as an idea in 2011, was founded by Pavan Sondur and Prashant Kumar.
“Online retailers are losing significant revenue every day, because they are unable to connect their visitors to the products they are most likely to buy. This is due to two primary reasons — visitors are not able to find what they are looking for (due to poor search results and navigation), and secondly, websites are not doing a good job of understanding visitor preferences to recommend the right products,” says CEO and co-founder Sondur, adding that they realised that it was actually easier to find products on Google than on the websites offering them.
“That is why we developed a product that makes the experience of finding products on ecommerce websites a pleasant one. Our goal is to provide tools that marketers and merchandisers need to help customers find what they are looking for,” he said, adding that they hope to double the team size, and find the right talent to further escalate and expedite the business and operations.
When asked how different is Unbxd compared with other players, he said, “While there are other players in the site search and product discovery space, Unbxd has an edge due to the technology that we offer, and its ease of use. Some of the key differentiators are that we are not a machine-only solution, and our solution is deployed within three weeks.”
Backed by Nirvana Venture Advisors, IDG Ventures and Inventus Capital, it recently closed the Series B round of funding. “We are utilising the funds in scaling the product, enhancing the existing infrastructure and getting the right talent on-board,” he said.
Unbxd is compatible with all popular ecommerce platforms in the market, the co-founder said, adding that it has over 1,200 customers, spread over 40 countries. “We started out as an India-centric company, driven by the growth of ecommerce in the country. Today, while we continue to power half of India’s top-10 online retailers, over 85% of our revenue comes from the US, the largest retail market in the world,” he added.
At present, Unbxd’s team size is 65, and it plans to scale up to meet the increasing demands.
“While our India operations are based in Bengaluru, there is immense talent in other cities and that’s why we don’t restrict our hiring from this city alone. Our revenue in the past has doubled every four months. By the end of this year, we are on track to see 10x growth,” he added.