Hugefly Raises First Round of Angel Funding
Hugefly Technologies enables leading e-commerce companies across the world create better customer experiences through its proprietary search, personalization and recommendation engine
Pune-based startup Hugefly Technologies, a leading e-commerce personalization and recommendation platform, has raised an undisclosed sum in funding from Mr. Mayank Singhal (Associate Director at Temasek Holdings), Mr. Mohit Gulati (co-founder, Oliphans Capital) and Mr. Raj Iyer (CEO and CMD, icustommadeit.com). Started 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, offer highly relevant and personalized search results across users and create very targeted and customized recommendations on a real-time basis.
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.
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 personalized shopping experiences, customized for every individual. The money we have raised will help tremendously in hiring additional talent and upgrading systems and operations. 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.”
“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" commented Amit Chaudhari, COO of the company.
In addition to its core personalization and recommendation engine, Hugefly offers a full stack ofsolutions including image search integration, auto-complete, spellcheck and in-depth analytics.
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, personalization and real time search and recommendations were so exhilarating that I felt extremely compelled to invest into something as exciting."
The founders and investors of Hugefly Technologies believe that it will play a very unique and instrumental role in India’s ecommerce revolution.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. Hugefly Technologies’ major competitors include Endeca and Unbxd.