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 established name in SaaS-based Multi-Channel Marketing Automation.
The deal is part-cash and part-stock, with the former part going to early Boxx.ai investors and the latter for the founders. 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.
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.
In a prepared statement sent to us, 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 initially funded 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.