Exotel, a Bangalore-based SaaS firm operating an AI-driven cloud customer engagement interface comprising conversational AI, contact centre software and communications API, has raised US$ 40 million in a Series D funding round led by Steadview Capital on 4 January 2022.
Investors: The latest investment round featured Steadview Capital as the lead investor. The company has managed to raise, in total, US$ 87.3 million to date.
Purpose of the funding: The company intends to deploy the proceeds from the investment round towards developing the future of customer engagement tools by making acquisitions in the Southeast Asia and Middle East markets, which will augment the full-stack capability and omnichannel to the platform and foster growth.
About Exotel
Brought to existence in 2011 by Ishwar Sridharan, Siddharth Ramesh and Shivakumar Ganesan, Exotel’s cloud-enabled and AI-driven customer engagement platform assist organisations in streamlining and managing client intercourse. The firm’s yearly recurring earnings were recorded at US$ 50 million, rising at 70% to touch US$ 200 million in the coming four years. The firm has managed to intrigue 1300 customers in the past year, such as TCS, ITC Salaam in Saudi Arabia, Bajaj Allianz, City Mall, Krazybee and Shadowfax. In June 2021, Exotel collaborated with Ameyo, a contact centre platform, and acquired Cogno AI, a conversational AI company, in November 2020. Presently, the company employs nearly a thousand employees and seeks to increase its team size by recruiting 200 more people by the end of 2022.
What the Founder has to say: “Businesses intend to consolidate their customer experiences to provide linked experiences across different contact points including video, web chat, co-browsing and others. It requires amalgamating unlinked applications, channels and bots, with stored user’s information across teams. As a premier initiative, we are allowing it on the cloud coupled with our full-stack platform.” – Shivakumar Ganesan, CEO & Co-Founder of Exotel.
What the Investor has to say: “The significance of possessing a productive communication tactic is growing with time, and Exotel administered it successfully by fuelling communication to nearly every internet unicorn in the Indian market. We admire their goal of developing an end-to-end communication stack to allow businesses to interact smartly with users. It is exhilarating to partner with Exotel in their future growth journey.”- Puneet Kumar, Managing Director at Steadview Capital.
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