E-commerce solution provider Graas today announced that it has raised over $40 million in the first close of its Series A funding round to launch a category-defining technology solution “Growth-as-a-Service”.
The first ever round of funding was led by Galaxy (Kejora-led SPV), Performa (multi-billion European Asset Manager-led SPV), Integra Partners, Yuj Ventures (Xander Group) and AJ Capital. Some of Southeast Asia and India’s best known angel investors and industry leaders, across deep tech, retail, ad tech and private equity have also participated in the round.
Graas already serves over 250 customers today and its AI predictive engine processes over 45 million data points every month across 4M+ stock keeping units (SKUs), Graas mentioned.
Prem Bhatia, co-founder & CEO of Graas, said, “While India and SEA are the fastest growing regions for eCommerce in the world with US$200B in GMV, they still account for less than 10 per cent of all retail in the region. There is significant headroom to grow, however, brands are finding it increasingly difficult to manage profitability. 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.”
Jinesh Patel, Managing Partner of Integra Partners, said, “The intersection of AI, eCommerce, adtech and fintech presents a multi-billion dollar opportunity in Southeast Asia and India. With the eCommerce market across the region seeing significant growth, brands are waking up to the fact that they need a scalable solution that propels their eCommerce business to greater heights, ultimately growing their bottom line.”