SaaS company Narvar have received a cash infusion of USD 30 million from capital investment firm Accel. With this investment, Narvar will be focusing on customer experiences for the retail industry through its platform by emphasizing on data analytics and product development.
According to Narvar, customers are slowly moving from ‘pricing’ to ‘experiences’ while making purchase decisions. They say that the retail industry has also taken this evolution into account and are taking action to ensure that customers have better shopping experiences.
By receiving an investment of USD 30 million from Accel, Narvar claim that they can improve analytics and product aspects of their SaaS-based platform. They say that by investing funds in these disciplines, Narvar will be able to build customer engagement platforms for customer service and post-purchase experience.
Speaking about the move, Amit Sharma, Founder and CEO at Narvar, commented:
We see a great growth opportunity in India and have established our platforms for the country. We will direct a significant part of our investment towards data analytics and grow our R&D in Bangalore as also expand on our product technology.
The SaaS company reveals that the investment, which is led by US-based venture capital firm Accel, also includes participation from Salesforce Ventures, Scale Venture Partners and their existing investor called Battery Ventures. They say that their current clientele includes brands like Patagonia, Gap, Levi’s, TUMI, Sephora, Costco and Lululemon.
Narvar say that India as a market has great potential to grow and are expecting that this trend will see this market to mature over the next 3 years. They claim that over this period, customers will get used to an experience that will be laid on the tenets of delivery notifications, returns management, feedback collection and timely communication.
Industry analysts say that the SaaS market in India is picking up steadily as it penetrates different industries, especially retail. To read more about the developments on the same read about Oracle’s first Asia-Pacific digital hub to support SaaS companies in the region.