Inovedge Commerce Pte. Ltd, which runs e-commerce revenue growth platform for marketplace 1DigitalStack.ai, on Tuesday said it has secured $1.5 million (around Rs 11 crore) in a funding round led by 100X Entrepreneur Fund and a host of angel investors and syndicate angel funds.
The fundraise also saw participation from CP Gurnani (Tech Mahindra); Jaswinder Chadha (Axtria); Jaideep Mehta (Indian Angel Network); Apurva Chamaria, (Google); Puneet Pushkarna (Solmark Advisors); Dhruv Agarwala (PropTiger) and Kartik Varma (Techstars).
The Delhi-based startup plans to use the fresh funds to strengthen its Asia-Pacific (APAC) routes and boost capabilities in digital technologies space, including data science.
1DigitalStack, founded by Rohit Anand, Tarun Jyot Singh and Vivek Kapoor, uses data science to help brands scale and grow their revenue and minimize leakages. It claims to have grown over 3 times in the last year.
“Using data analytics is powerful when scaled to all your products across all online marketplaces from a single platform. We plan to scale our international business by 20x, with the capital infusion focused on go-to-market and continuous product development,” said Tarun Jyot Singh, co-founder of 1DigitalStack.
“1DigitalStack offers deep e-commerce enablement SaaS capabilities and with the exponential rise of horizontal and vertical e-commerce landscape,” said Apurva Chamaria, head of startup and vc partnerships at Google.
Delhi-based 100X Entrepreneur is a venture capital firm founded in 2019. Its prominent investment areas include consumer products and services, artificial intelligence and commissions software, among others.
In December last year, VCCircle reported that e-commerce sales in India are booming with big companies including Amazon, Walmart-owned Flipkart and new entrants in social commerce like Meesho vying for a bigger pie in the online space.
That said, while the multitudes in the country were ordering products worth billions online, they are also flooding e-marketplaces with certain data points with every product they purchase.
1DigitalStack captures these data points and trains machine learning models to help its clients maximise sales. It culls data from various marketplaces across the world by “crawling 100 million data points a day with our in-house data science team,” said Rohit Anand.
India’s e-commerce startups have been garnering a lot of investors’ attention for quite some time now.
In February, Retainiq India Pvt. Ltd, which runs e-commerce marketing startup RetainIQ, bagged seed funding of $2.3 million led by venture capital firm Accel Partners.
In September last year, WhatsApp integrated merchant e-commerce platform Bikayi raised $10.8 million in a Series A funding round led by Sequoia Capital India.