The round featured participation from VC firm Kejora’s special-purpose vehicle (SPV) Galaxy, Performa, Integra Partners, Yuj Ventures, AJ Capital, and many more.
Graas will use the money to purchase the Pune-based D2C platform Shoptimize and Chennai-based marketplace expert SELLinALL
Graas assists e-commerce businesses in scaling expansion by integrating data silos along with the AI and machine learning engine that can identify trends and provide insight
Ecommerce solution Platform Graas has raised over $40 million in the initial closing to its Series A capital round. This round was led by the venture capital (VC) company Kejora-led Special Purpose Vehicle (SPV) Galaxy, Performa, Integra Partners, Yuj Ventures and AJ Capital.
The round also had an array of angel investors from India as well as South-East Asia (SEA).
The proceeds of the fundraising can be utilized to purchase Pune-based direct to customer (D2C) platform Shoptimize and Chennai-based marketplace expert SELLinALL. In the course of the acquisition the the founders each of Shoptimize along with SELLinALL become part of the board at Graas and become part of the new entity.
The startup plans to use the money to expand operations across the Southeast Asia region and ramp up hiring across a variety of sectors.
Graas, in a statement, said that it would also deploy the capital to launch its ‘Growth-as-a-Service’ (GaaS) technology solution. The platform will equip retailers with automated ecommerce suggestions to help them improve their bottom line.
Established in 2022 in 2022 by Prem Bhatia, and Ashwin Puri in 2022, Graas utilizes AI (AI) as well as machine-learning (ML) to increase expansion for e-commerce companies. In essence, the company connects traditional data silos to the AI and ML engines to anticipate trends and uncover insight.
“Graas has a goal to eliminate the silos of data, improve the speed at which brands can market and to provide a simplified and informed approach to marketing inventory, content management and inventory and inventory management – all on one dashboard. We have seen exponential growth in our clients’ success through our service and that’s the reason we’ve created a new term for Graas — GaaS,” its CEO and co-founder Bhatia stated.
The product of the startup suggests suggestions and implements them on multiple areas, including brand communication as well as inventory management, warehousing and logistics for the last mile.
Graas provides around 250 users and estimates that it can process more than 45 million data points each month with more than 4 million inventory keeping unit (SKUs). The company has over 350 employees spread across seven offices spread across 11 countries.
“The interplay of AI technology, ecommerce, advertising and fintech creates the potential for a multi-billion dollar business across Southeast Asia and India. Working with Graas is an exciting opportunity for us as they’ve not only identified this gap in the market but they have come up with an answer that defines an entirely new class”, Integra Partners MD Jinesh Patel stated.
In the world of ecommerce solutions, Graas competes with other big players, including Shopify, NetSuite SuiteCommerce, Wix and many more.
According to the study that was released, the world’s e-commerce software market was worth $7.15 Bn at the close of 2020. This figure was predicted to rise to $20.58 Billion by 2027, expanding at a compounded annual percentage (CAGR) that was 16.3 percent during the time being studied.