Enterprise SaaS start-up Anakin which offers competition intelligence solutions for businesses, today announced that it has raised a $2 million seed funding round to continue developing its software enabling e-commerce companies to see live pricing data on their competitors. The company, with a presence in India, San Francisco and Singapore, secured the new capital from Y Combinator, HOF Capital, Austen Allred, ACE & Company, Integrity, Pioneer Fund and a group of angel investors.
The funding will be used to hire additional employees to have more presence on the ground in other geographies. Anakin will also invest in product development, expanding into other categories and creating a self-service tool.
Speaking on the announcement, Mohit Prateek, Co-Founder, Anakin said, “eCommerce is rife with competition. We help companies and brands in optimizing all variables, not just pricing and help them grow faster. Our customers like us very much and recommend Anakin to others.”
Founded by Mohit Prateek and Rashmi Bala in September 2020, Anakin helps e-commerce stores and brands increase their revenue using pricing, products and trends data from their competitors and the market. The platform offers dynamic pricing software that helps to set pricing automatically to improve profit margins based on the prices or stock availability. It also offers competitive intelligence based on stock levels, product visibility, new launches, promotional events, and product attributes. The platform tracks and categorizes all the data using AI and machine learning.
The number one issue facing big e-commerce companies today is maintaining and pricing millions of products across geographies correctly. These companies have to hire a team of people for competition intelligence and optimising their business, which is a cumbersome task. Anakin makes this process rather hassle free and completely automated with their platform.
“We extract billions of data points and use machine learning to derive actionable insights for our customers.” said Rashmi Bala, Co-Founder, Anakin.
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Commenting on the investment, Lead investor Victor Wang from HOF Capital said, “We couldn’t be more excited about partnering with Anakin to empower e-commerce companies with real-time pricing data on their competitors. By providing the most accurate pricing intelligence platform in the market, Anakin is enabling online brands and retailers to increase their revenue by up to 12%, leading to significantly higher profits.”
