Bangalore based in-site search startup Unbxd, which demoed at Unpluggd last year, has received Series A funding from the Indian Angel Network. Post investment Manav Garg, an IAN member is joining the company as a board member, the company announced today. The funds were raised nearly six months ago to scale up operations.
Unbxd is a 1.5 years old company and has created a niche for itself in intelligent search on e-commerce websites. It has helped e-commerce customers search for the right product thereby increasing transactions by 12 -15 per cent. The startup operates in a highly competitive space where giant corporations like Oracle play. Oracle reportedly bought Endeca, a much larger competitor which sells search for e-commerce, for more than a billion dollars last year.
With the IAN investment, Unbxd plans to add to its team, scale up the product for a robust cloud proposition and expand its reach to e-commerce players across the globe. The SaaS offering of Unbxd Search on the cloud is also under development and the beta version is planned for launch in November. Unbxd will also focus on a variety of verticals like travel, matrimony, retail, classifieds and many others, the company said.
The IAN has invested in 11 startups so far this year, the recent one being a quick service restaurant in Mumbai called Poncho.