New Delhi: RetainIQ, an ecommerce marketing company, on Monday said that it has raised $2.3 million (Rs 17.2 crore) in a funding round led by venture capital firm Accel Partners.

RetainIQ, founded in June 2021 by Sitakanta Ray, Arpit Gupta and Sulakshan Kumar, plans to use the capital to rapidly scale its operations, accelerate product development, and expand its core teams across engineering, product, sales, marketing and operations.

The round also saw the participation of VC firm Hauz Khas Ventures, London-based private equity firm Creator Collective Capital, Unicommerce founders Ankit Pruthi, Karun Singla, and Vibhu Garg, Upgrad co-founder Mayank Kumar, Ally.io founder Vetri Vellore, Brightchamps founder Ravi Bhushan Kumar, and Gromo founder Ankit Khandelwal, among others.

“The global retail industry is currently experiencing a generational shift. The future always lay in ecommerce, and the pandemic only accelerated this shift. Shopify has offered online retailers a safe space to grow, and in the process has become a huge entity – worth over $100 billion and harbouring multiple unicorns within its own ecosystem,” said Arpit Gupta, co-founder of RetainIQ.

“As acquisition costs continue to grow for ecommerce brands, customer retention is coming into prominence. We’re really excited to back RetainIQ to solve the retention challenge that we think can lead to a massive opportunity,” Subrata Mitra, Partner at Accel Partners India said.

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