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Chennai and Seattle-based startup Indix, which provides its clients information about millions of online products, has raised $15 Mn (INR 95.3 Cr.) in Series B round funding from Nokia Growth Partners, existing investors Nexus Venture Partners and Avalon Ventures. Indix has raised a total of $30 Mn from Nexus and Avalon Ventures.
The latest funds will be used in increasing the product development (sales and marketing) and expand operations to Brazil, Mexico, China, Japan, Australia, Singapore and Korea.
Founded in 2010 by Sanjay Parthasarathy, Rajesh Muppalla, Satya Kaliki, and Sridhar Venkatesh, Indix is a cloud based product intelligence platform for brands, retailers and developers. The startup is looking to build a vast product database and Product Intelligence Platform to help businesses increase their productivity, drive innovation, and accelerate growth.
In simple terms, by using the Indix App and APIs, businesses can improve product search and discovery, optimize promotions and offers, enrich product catalog attributes, and analyze the market and competitors.
Currently, Indix tracks over 700 Mn products across more than 7,000 categories.
Founder Parthasarathy said in a statement “Product Intelligence is now an essential service for commerce. Every business – from those creating products, to those selling and helping sell products – has realized that in order to compete, they need deep product information that’s constantly up to date.”
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