Graas, a solution provider the for e-commerce industry, said on Wednesday that it has raised more than $40 million in the first close of a funding round.
The Series A round was led by Galaxy (Kejora-led SPV), Performa (multi-billion European Asset Manager-led SPV), Integra Partners, Yuj Ventures (Xander Group) and AJ Capital. Angel investors based in Southeast Asia and India participated in the round as well.
Graas used part of the fundraising to acquire Shoptimize Inc, a Pune-based data specialist, and SELLinALL, a Southeast Asia marketplace expert. The founders of the two companies joined the board of Graas and will continue to be a part of the combined entity. Graas will use the money from the first round of fundraising to drive growth in Southeast Asia, and to expand its team.
Graas, which is led by entrepreneurs Prem Bhatia and Ashwin Puri, uses a proprietary platform to integrate previously e-commerce data to reduce operational complexity and enable real-time decisions.
Graas said it serves more than 250 customers and its AI predictive engine processes over 45 million data points every month across 4M+ stock keeping units (SKUs).
“Given the increase in number of marketplaces, revenue shares with various platforms, advertising and customer acquisition costs (CAC) and fluctuating warehouse and last mile costs, margins are under threat. Doing business has become more complex and Graas is here to offer the solution,” said Bhatia, co-founder and chief executive officer of Graas.
First Published: Wed, August 17 2022. 12:27 IST