Boxx.ai Announces Acquisition by Netcore Solutions
by Shrutee K/DNS
Netcore completes 100% share acquisition of Boxx.ai
Deal structured as blend of cash and stock
Boxx.ai founders and team to join Netcore
Existing investors exit
Boxx.ai’s product to be integrated with Netcore’s Smartech to build an
AI-first omni-channel marketing platform
Bangalore, 7th
Nov 2019: Boxx.ai, a Bangalore-based AI startup, which
uses AI and ML to help e-commerce companies increase their conversion rates by displaying
the most personalized products for each user, is being acquired by Netcore
Solutions, a pioneer in SaaS-based Multi-Channel Marketing Automation. With this part-cash and part-stock deal, Netcore would be acquiring all
of Boxx.ai's technology, IP, clients and team, and would provide an exit to the
investors. As part of the deal, Boxx.ai’s founders – Ajay Kashyap, Prakhar Raj
and Shitiz Bansal, along with the rest of the team will join Netcore to
continue building their product.
Ajay Kashyap, Founder,
Boxx.ai, says, “E-commerce companies spend a lot of
money to get visitors on their sites, but 98% of them leave without buying.
Boxx.ai solves this – it converts visitors to buyers. Integrating this
capability with Netcore’s multi-channel marketing platform makes a killer
combination for brands – they would be able to deliver a customer experience that is just perfect: right choice
of channel, right timing of communication, right content, right creative, right
messaging and right offers.”
Boxx.ai was launched in 2016 by IIT alumni Ajay Kashyap, Prakhar Raj and
Shitiz Bansal. It is able
to predict, with high accuracy, what each visitor is likely to buy next
using its proprietary algorithms. This helps
consumer internet companies curate a line of products and extend a highly
personalized experience to each of its customers.
Kalpit Jain, Group CEO of
Netcore Solutions stated, “We absolutely
understand the value and importance of ML, AI, and Personalization to empower
brands to deliver exceptional customer experiences. And hence these are the
primary focus areas with all our offerings. Boxx.ai’s acquisition is yet
another step towards that vision. This new piece in our product stack will
definitely deliver great value to our customers and their end consumers. We are
excited to see what the future in AI-first marketing will look like.”
Boxx.ai was initially funded and mentored by Suresh Shankar, Founder and CEO of
CrayonData, and Venky Krishnakumar, ex-COO/CFO at Citibank APAC. Subsequently,
it raised pre-series-A funding from Unicorn India Ventures and Vivek Bhargava,
CEO of iProspect, Dentsu Aegis Network.
Bhaskar Majumdar,
Managing Partners, Unicorn India Ventures, says, “We invested in Boxx.ai three years ago as we believe that their
offering is quite targeted and essential for e-commerce companies who are keen
on converting non-buyers into buyers and retain their regulars by offering a
highly personalized experience. Boxx.ai is in that sweet spot. An acquisition
by a successful platform like Smartech would accelerate their growth multi-fold
and that’s why we believe it is the right time for Boxx.ai to become a crucial
member of Netcore so that they can cover more ground in less time.”
About Boxx.ai: Boxx.ai was founded by IIT
Bombay and IIT Delhi alumni: Ajay Kashyap, Prakhar Raj and Shitiz Bansal in
2016. Boxx.ai is leading the wave in democratizing the use of AI in e-commerce
industry. Boxx.ai is making the latest, cutting-edge AI technologies available
to both large and small e-commerce companies helping them to be competitive
irrespective of their scale of operations.
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