IPO-bound Netcore Cloud invests $100M in Unbxd, acquires majority stake
Betting big on personalisation, SaaS company Netcore Cloud has invested $100 million to acquire a majority stake in, a US-based search-personalisation company.
Post this acquisition, Unbxd will operate as an independent entity and there will be no changes to the company's management.
This acquisition marks Netcore Cloud’s fourth investment over the last three years, following the acquisition of Quinto.ai (conversational commerce), Boxx.ai (product recommendation), and Hansel.io (product experience).
Founded by Pavan Sondur and Prashant Kumar in 2012, Unbxd has built an AI-powered product discovery suite.
The startup claims its intelligent search solutions improve retention and conversions for leading ecommerce retailers and B2C brands in the US, UK, and Australia, including marquee brands like Mattress Firm, Express, Ashley Homestore, Home Shopping Network, Advance Auto Parts, The Children's Place, Mitre10, and Kookai, among others.
Kalpit Jain, Group CEO, Netcore Cloud, said, "The coming martech era will be defined by budget shifts from adtech to martech as brands will focus more on unit economics and valuing existing customers. This will lead D2C brands to accelerate their spending towards delivering personalised customer experiences.”
“Unbxd's AI and ML tech stack will empower our customers to track their shopper’s interactions with search and implement site-wide personalisation, merchandising, along with shopper-focused recommendations. This will enable brands to optimise their entire customer journey, providing the best-in-class customer experience," he added.
Mumbai-headquartered IPO-bound SaaS startup Netcore Cloud specialises in offering customer communication and engagement solutions to businesses.
"Netcore Cloud platform is growing rapidly at 40 percent YoY (with international markets growing 100 percent YoY). We are positioned as the digital proxy in emerging markets. Added to that, this investment will enable us to get a strong foothold in the US and other developed markets. Furthermore, the combination of Unbxd and Netcore Cloud's capabilities will bolster our full-stack product offerings,” said Nishant Jain, Chief Strategy Officer and Head of M&A, Netcore Cloud.