Global Ecommerce Software Company Assembly Acquires Chennai-Based DaaS Startup PipeCandy

Chennai-based data-as-a-service (DaaS) startup PipeCandy has been acquired by the US-based ecommerce software company Assembly for an undisclosed amount.

The acquisition will help Assembly to offer data sets on DTC ecommerce brands. It will further help PipeCandy to scale its product and business insight offerings to brands and ecommerce operators.

Founded in 2016 by Ashwin Ramasamy, Murali Vivekanandan and Shrikanth Jagannathan, PipeCandy builds deep insights about ecommerce companies and delivers them to sales, marketing, research, investment and corporate strategy teams of other organisations. While assembling data information, it also uses human expertise, machine learning (ML) and artificial intelligence (AI). 

PipeCandy claims to have covered about 5.4 Mn ecommerce companies, of which 250K are DTC brands. It asserts to have grown 5X till 2021 and is serving companies that are working in lending, financial services, SaaS and logistics segment. 

In March 2017, PipeCandy raised $1.1 Mn (INR 7.3 Cr) in a seed funding round. The round saw participation from IDG ventures, Axilor Ventures, Emergent Ventures, Indian Angel Network along with a few undisclosed startup investors. Prior to this round, the startup had raised an undisclosed amount of investment in February 2016. 

Founded in 2019 by Sandeep Kella and Adam Crawshaw, Assembly is an ecommerce and software platform that helps brands, merchants and users to make better decisions through its products and tools. Its offerings include Helium 10, Pacvue, and Refersion.

Prior to PipeCandy’s acquisition, Assembly had acquired enterprise software Pacvue for an undisclosed amount in October 2021. Other companies in its portfolio include Prestozon, Refersion, Helium 10, and OrderMetrics. 

In 2018, EbixCash, a subsidiary of Ebix Inc, acquired Mumbai-based Miles Software for nearly  $19 Mn.  

Founded in 1999 by Milan Ganatra, Dhawal Kamath, and Himanshu Siria, Miles Software develops wealth, asset, portfolio, and investment management software. 

In 2016, Germany and India-based DaaS startup Innoplexus secured an undisclosed amount in its Pre-Series A round of funding from HCS, a Germany-based Venture Capital Fund. Post the investment, Hans-Christian Semmler, managing shareholder of HCS joined as chairman of the supervisory board of Innoplexus.

According to a report, the global DaaS market recorded a CAGR of 10% over the forecast period 2021 – 2026. While, another report stated that the Indian big data technology and service market has grown with an expected CAGR of 35.1% for the period 2021-2026.