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October 17, 2022 Livemint

Veda advises Assiduus Global, a cross border e-commerce accelerator in USD 15M fundraise by Pulsar Capital, 9Unicorns, Venture Catalysts, Carlos Cashman (Founder of Thrasio) and others

NEW DELHI: Assiduus Global, an artificial intelligence (AI)-powered cross-border and cross-marketplace e-commerce accelerator, has raised $15 million, or about ₹123 crore, in a round of funding led by Pulsar Capital, a growth stage investment fund floated by former TPG managing director Vish Narain.

The round also saw participation from 9Unicorn, Venture Catalyst and StrongHer VC. Carlos Cashman, founder of Thrasio, and Rajan Navani from the JetLine Group of companies, too, invested in their personal capacity, as per a press statement.

Mid-market focused boutique investment firm Veda Corporate Advisors acted as financial adviser to Assiduus Global.

The firm is likely to utilise the capital for technology upgradation and for expansion across international markets like Europe and Southeast Asia.

“As a global e-commerce accelerator, we have empowered countless brands to scale their operations across the fast-evolving e-commerce multiverse. We look forward to becoming one of the biggest disruptors in the sector by innovating new solutions and exploring uncharted geographies,” said Somdutta Singh, founder & chief executive officer at Assiduus.

Assiduus’s AI-powered technology helps brands with data intelligence and reporting and analysis competence, besides enabling the brands to overcome their regulation complications, language barriers and integration over multiple digital marketplaces. It assists brands to scale considerably across more than 12 marketplaces globally, including Amazon, Flipkart, Shopify, Noon, Walmart, eBay, Lazada, Nykaa, and many more.

“In the next few years, the traditional bricks-and-mortar sales and distribution model will undergo a transformation and Assiduus is helping brands drive that disruption,” said Narain, who launched US-based Pulsar Capital, in 2018. This is Pulsar’s debut investment on Indian soil.

The company counts the likes of Cipla, Himalaya, Prestige among its traditional clients, whereas it has tied up with numerous startups such as Beardo, Power Gummies and Strive, according to its website.