CommerceIQ, the leading e-commerce management platform provider has closed a record-breaking first half of 2021 on the heels of its Series C funding, achieving significant 267% year-over-year revenue increase, a 50% boost in headcount across in India, and industry recognition from various prominent sources.
These milestones follow a year of continued rapid growth on indirect marketplaces like Amazon and Walmart where, globally 85% of all e-commerce happens. CommerceIQ is known as the platform of choice for the world’s largest brands including Johnson & Johnson, Kellogg’s, Bayer and Nestle, driving their e-commerce growth towards a post-pandemic world.
“This year we kicked things off on all cylinders and the results speak for themselves. I couldn’t be more proud of our team and impressed by our customers who are the real heroes of e-commerce, translating CommerceIQ’s vision into phenomenal business results,” said Guru Hariharan, CEO of CommerceIQ. “We now have a full tank of gas to expand our global footprint, and help leading brands capitalize on the tremendous e-commerce opportunity. We are honored to have earned the trust from our customers and to have received recognition from the industry at large as we continue to push the boundaries of e-commerce innovation”, he added.
Speaking on this achievement, Prasun Kumar – VP Engineering & Head of India Operations, CommerceIQ said, ‘It’s a milestone moment for us. Our India team has been instrumental in creating technology that is changing the face of e-commerce in the world. In India, our workforce has grown significantly in the last six months, with the majority of hiring happening across departments like engineering, analytics, data sciences, product and operations. Along with being the global hub for technology and the presence of world-class talent, in the next two years, we also expect India to be a cornerstone of our future market expansion into the broader region. “
Milestones achieved by CommerceIQ in the first half of 2021:
- 267% revenue increase over the same time period last year, including a 137% net retention rate;
- Close of $60M Series C funding round led by Insight Partners, the venture capital and private equity firm behind Shopify, Twitter, Hello Fresh, and Wix, among others, with follow-on participation from existing investors Trinity Ventures, Shasta Ventures, and Madrona Venture Group;
- 50% increase in headcount in India with the majority of hiring across departments like engineering, analytics, data sciences, product and operations.
In the first half of the year, CommerceIQ made a major push in expanding beyond Amazon by bringing its AI-driven advertising capabilities to all major online retailers. The company extended customer traction with 100% growth on the platform including ConAgra, Newell Brands and Wacom, joining more than 2,200 other brands that use the technology to enhance profitability by up to 20% on an average. Going into the second half of the year, CommerceIQ is doubling down on its commitment to omnichannel e-commerce, extending its capabilities to support sales and operations, and plans to double its headcount in India this financial year. The new hires will cut across disciplines – software development, engineering, analytics and data science.
It is difficult to overestimate the value that CommerceIQ has on our e-commerce operation,” said Don Brett, Global Chief Digital Officer at NBG Home. “The way they apply AI and automation to the task at-hand is truly differentiated and delivers not only top line and bottom line growth. We had seen success initially on Amazon, and have recently expanded to Walmart, Home Depot and Wayfair. Instead of operating in silos via manual processes to keep track of our performance across these channels, we now use CommerceIQ as our e-commerce management platform, at the core of which is a single source of truth that streamlines our business and decision-making capacity across the board.”
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