Bengaluru based start-up, Verloop.io which is a customer support automation platform has announced on 25th August, 2020 that it has received USD 5M in Series A financing round. The round was led by Alpha Wave Incubation (AWI), along with existing investors- co-founder of Infosys, Kris Gopalakrishnan and IDFC Parampara.
This is AWI’s first investment in an Indian startup. It was founded in May 2020, by Abu Dhabi’s sovereign fund, ADQ, to invest USD 300 million in startups across India and Southeast Asia. AWI is managed by New York-based investment firm Falcon Edge Capital.
Established in the year 2015, by Gaurav Singh, Verloop.io makes businesses to automate customer support across channels and has processed over 2 billion queries from customers across its clients like Adani Capital, Rentomojo, Ceartrip, Decathlon, Livpure, DSP Mutual Fund, Scripbox, among others. The startup counts GrowthStory, the venture-builder platform founded by entrepreneurs Meena Ganesh and K Ganesh, as its promoter.
The company has competitors like Amazon’s AWS Chatbot and IBM Watson in the customer support category which is estimated to be a USD 400 billion industry globally. Verloop claims to have 200% growth in Annual Recurring Revenue (ARR) since the last 2 years.
Talking about the investment, Verloop founder and CEO, Gaurav Singh, said, “We plan to allocate 60% of the funds raised in enhancing our tech while using the remaining amount in hiring talent, sales and global expansion across the Middle East, Southeast Asia and the US.”
Co-founder and Partner at Falcon Edge Capital, Navroz D Udwadia, said, “With rapidly changing consumer behaviors, brands are now looking to enhance their customer support experience. We are excited to back Verloop.io and believe their offering is well tied with increasing demand for solutions that enable brands to supercharge their support teams and drive growth.”
Most chatbots in the market for customer support have templated responses. “To offer true customer experience, we will be ramping up our Natural Language Processing (NLP) capabilities across languages like Tamil, Telugu, Hindi, English, Arabic, Bahasa and Kannada,” said Mr. Singh.
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