IPO-Bound Netcore Cloud Acquires Majority Stake in Unbxd Inc For $100 Mn

IPO-bound SaaS platform Netcore Cloud has acquired a majority stake in the US-based search personalisation company Unbxd Inc for about $100 Mn. 

With this acquisition deal, Netcore Cloud plans to position itself as a leading digital experience platform (DXP) globally. According to its statement, Unbxd’s AI-powered search expertise will equip Netcore Cloud to deliver a real-time recommendation to its online ecommerce or app-first brand and retailer.

While Netcore hasn’t disclosed the acquisition stake, a media report by Bloomberg said it has acquired a 90% stake in Unbxd Inc. As a part of the deal, there will be no change in Unbxd’s management as the founders and key management will continue to build and grow the company post this deal.

Further, Unbxd will continue to operate as an independent entity. It has been reported that Netcore will be making additional investments in Unbxd to propel its growth in developed markets.   

Founded in 2012 by Pavan Sondur and Prashant Kumar, Unbxd Inc builds a best-in-class AI-powered product discovery suite. Its search solutions claim to improve retention and conversions for ecommerce retailers and B2C brands. Some of its customers include Mattress Firm, Express, Ashley Homestore, Home Shopping Network, Advance Auto Parts, The Children’s Place, Mitre10 and Kookai.

Commenting on the acquisition, Kalpit Jain of Netcore Cloud said that the AI and ML tech stack of Unbxd will help Netcore’s customers to track shopper’s interactions with search and implement site-wide personalisation, merchandising, along with shopper-focussed recommendations.

Founded in 1997 by Jain, Netcore Cloud helps B2C brands and marketers create AI-powered new-age customer experiences at every touchpoint of a customer’s journey. Its full-stack marketing platform enables highly personalised digital experiences that are easily scalable and provide actionable analytics, real-time reporting and quick to implement solutions across channels. 

The Mumbai-based SaaS company has 11 offices across the globe and claims to serve over 5,000 customers globally. It counts big brands such as ICICI Bank, Flipkart, Myntra, Airtel, Disney Hotstar, Puma, EaseMyTrip as its customers. Further, it claims to hold 75% of India’s and 50% of Asia’s email traffic on its platform.   

Recently, in February 2022, Netcore Cloud partnered with Indonesia-based education and study program marketplace GoKampus to enhance the quality of user engagement. With this deal, GoKampus got access to Netcore’s full stack of martech solutions. 

In October 2021, Netcore Cloud led the $3 Mn seed funding round in adtech startup Profitwheel to increase its product offering and help scale the sales and marketing team. According to a media report, Netcore Cloud has been in discussions with numerous bankers regarding the IPO and the formal process will start in the coming months. It is targeting an IPO in the coming 9-12 months. 

At present, many startups including Meesho, BYJU’s, Swiggy are planning to list in the coming time. However, seeing the downtrend in the bourses and how new-age tech stocks have been battered, startups now consider delaying their IPO plans until the market turns favourable.