01. September.2021 – Skit, a Bengaluru-based AI-first SaaS voice automation startup announced that it raised USD 23 Million in its Series B funding round. This funding round was led by WestBridge Capital.
The participants of this round were Exfinity Ventures and Kalaari Capital. Aryaman Vir Shah from Prophetic Ventures led Angelist syndicate and Sense AI leading the LetsVenture syndicate also participated in this round.
According to Skit, the capital raised will be utilised for marketing and sales, capabilities for delivery, enhancing companies products and speeding up innovation by strengthening Research and Development team.
In May 2020, the company’s Series A round took place and was led by Kalaari Capital and Exfinity Ventures, IAN Fund, LetsVenture and AngelList. After this round, the total funding raised by the company is USD 30 Million.
“We are delighted to back Sourabh and Akshay as they continue to help global companies transform how customer service is delivered. Skit’s success in helping India’s largest companies, positions them well to enter the US market where there is a massive need for voice AI solutions,” stated Sashi Reddi, Venture Advisor to WestBridge Capital.
About Skit –
Skit, previously known as vernacular.ai, was initiated by Sourabh Gupta and Akshay Deshraj, alumni of IIT Roorkee. Skit’s suite of language and speech solutions let enterprises automate their operations in the call centre.
With more than 10 million hours of training data, the startup’s product – Vernacular Intelligent Voice Assistant (VIVA) can now respond in more than 16 languages, covering more than 160+ dialects and replicating conversations exactly like humans.
The startup plans to expand twice and scale its operations in global as well as Indian Markets. Skit claims to have grown its business’s revenue and customer by four times since its last funding round. It has built a strong partner network across sectors like eCommerce, consumer durables, insurance, travel and logistics and others as well. It also has increased its workforce by six times to back the future growth.
Commenting on the capital raise, Sourabh Gupta, CEO and Co-founder of Skit, said,
“This investment comes when we are making strategic inroads into the US and SouthEast Asian markets. Clients and investors alike have recognised the uniqueness and superiority of our product and continue to show confidence in our growth path. The global contact center market size is expected to grow steadily and reach a value of $496 billion by 2027.”
“To address this sizable growth, we at Skit are using voice bot innovation and our market observations to personalise caller experiences at customer contact centres, and deliver up to 50 per cent cost reduction and superior customer experience. We are driven by the passion of our clients and our team to change the way businesses interact with their customers,” he added.
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