SaaS-based martech company Netcore Solutions acquires AI startup Boxx.ai
Boxx.ai, a Bengaluru-based AI startup that uses AI and ML to help ecommerce companies increase their conversion rates by displaying personalised products for each user, is being acquired by Netcore Solutions, a pioneer in SaaS-based multichannel marketing automation.
With this part-cash and part-stock deal, Netcore would be acquiring all of Boxx.ai's technology, IP, clients, and team, and would provide an exit to the investors. As part of the deal, Boxx.ai’s Founders, Ajay Kashyap, Prakhar Raj, and Shitiz Bansal, along with the rest of the team will join Netcore to continue building their product.
Ajay Kashyap, Founder, Boxx.ai, said,
“Ecommerce companies spend a lot of money to get visitors on their sites, but 98 percent of them leave without buying. Boxx.ai solves this – it converts visitors to buyers. Integrating this capability with Netcore’s multichannel marketing platform makes a killer combination for brands. They would be able to deliver a customer experience that is just perfect: right choice of channel, right timing of communication, right content, right creative, right messaging, and right offers.”
Launched in 2016 by the three IIT alumni, Boxx.ai said it was able to predict what each visitor was likely to buy next using its proprietary algorithms. This helped consumer internet companies curate a line of products and extend a highly personalised experience to each of its customers, it added.
Kalpit Jain, Group CEO of Netcore Solutions, said,
“We absolutely understand the value and importance of ML, AI, and personalisation to empower brands to deliver exceptional customer experiences. And hence these are the primary focus areas with all our offerings. Boxx.ai’s acquisition is yet another step towards that vision. This new piece in our product stack will definitely deliver great value to our customers and their end consumers. We are excited to see what the future in AI-first marketing will look like.”
Boxx.ai was initially funded and mentored by Suresh Shankar, Founder and CEO of CrayonData, and Venky Krishnakumar, ex-COO/CFO at Citibank APAC. Subsequently, it raised pre-Series A funding from Unicorn India Ventures and Vivek Bhargava, CEO of iProspect, Dentsu Aegis Network.
(Edited by Teja Lele Desai)