Indix raises $ 8.5 Million Series A1 funding from Avalon Ventures and Nexus Partners

CoolAvenues Newswire | March 28,2014 01:06 pm IST

Indix, a big data start-up based in Chennai and Seattle has raised $ 8.5 Million from existing investors, Avalon Ventures and Nexus Partners.

It had raised $ 4.5 Million from Avalon Ventures and Nexus Partners in March 2013 and an angel funding of $ 1.4 million prior to that. The company will use the funds for scaling its R&D and go to market activities

Indix started by Sanjay Parthasarathy in 2010 is building a catalog of all the consumer products that is sold online. It has indexed over 200 Million consumer products which will help companies to compare prices across brands. It plans to scale this up to 1 billion listings. Indix is positioning itself as a neutral aggregator for the entire e-commerce inventory.

Retailers are keen to understand the buying behaviour and insights into their own and of rival’s products A retailer can find which of the brands that are not doing well and then compare that with rivals brand and take appropriate actions on pricing or design. Indix can be used only for brands and retailers and has not opened for consumers to buy products directly online.

“As commerce becomes pervasive, every interaction in the physical world or on the web becomes an opportunity to inform, educate, and sell products. In the future, all apps will be product-aware, just as apps today are people and location aware. Indix connects apps with products in the same way that Facebook connects apps with people, and Google Maps connects apps with locations.” said Mr. Sanjay Parthasarathy in the press release.

Indix offers customized app and API for retailers to tap into the platform and gain real-time insights based n their preferences.

Its current customers include some of the world’s top 50 internet brands and retailers.



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