Enabling real-time personalised search services to e-commerce firms
Pune-based online personalisation and recommendation platform Hugefly Technologies has raised an undisclosed amount of angel funding led by Mayank Singhal, Associate Director, Temasek Holdings; Mohit Gulati, Co-founder, Oliphans Capital; and Raj Iyer, CEO and CMD, icustommadeit.com. The venture plans to utilise this fund for hiring more employees, ramping up the existing sales team, and for upgrading company’s systems and operations. The company will likely raise an institutional funding round over the next six months and has initiated discussions with a few leading global venture firms.
Commenting on the investment, Raj Iyer, CMD, iCustommadeit.com, said, "For me, this was quite a game-changer as I've used this remarkable product for my own e-commerce venture of custom made creations; icustommadeit.com. Its unparalleled features of image search, personalisation and real time search and recommendations were so exhilarating that I felt extremely compelled to invest into something as exciting."
Founded by Dhruv Chaudhari and Amit Chaudhari in January this year, Hugefly Technologies offers a highly proprietary technology-enabled solution to e-commerce companies to help significantly reduce search time on the platform. It further allows relevant and personalised search results across users and create targeted and customised recommendations on a real-time basis. The founders and investors of Hugefly Technologies believe that it will play a very unique and instrumental role in India’s ecommerce revolution.
Speaking about this round of funding, Dhruv Chaudhari, CEO, Hugefly, said, “We have created a world-class product that is already helping leading e-commerce players engage deeper with their customers and be able to offer highly personalised shopping experiences, customized for every individual. We plan to expand our team significantly over the next six months and are looking at recruiting top talent from IITs across the country. This round will also allow us to accelerate outreach to more ecommerce platforms across the world that can benefit from Hugefly’s core solution.”
The company took over a year to develop its core product using a very unique approach to data analytics and pattern recognition from consumer behavior across user millions of users. As a result, the end product is highly predictive and adaptive, and draws on very complex but highly effective user-behavior analytics which allows e-commerce businesses to create much better engagement with increased buyer conversion, greater repeat behavior and higher cross-sell across products.
“As e-commerce has grown at an unprecedented pace over the last two years, more and more online commerce businesses are looking to create market leadership and customer loyalty through deeper customer engagement at a very personal level. That’s the need we help address at Hugefly," said Amit Chaudhari, COO of the company.
In addition to its core personalisation and recommendation engine, Hugefly offers a full stack of solutions including image search integration, auto-complete, spellcheck and in-depth analytics. The start-up would compete with the likes of SLI Systems, Nosto and Swiftype. It would also count players such as Endeca (acquired by Oracle) and Autonomy, among others, as rivals.