Funds will be used primarily to boost the product offerings of the company
Cloud-based customer engagement platform Exotel on Wednesday announced to have raised $35 million as a part of its Series C funding from IIFL AMC, Sistema Asia Fund, CX Partners, Singularity Growth Opportunities Fund, and Arun Sarin of Vodafone who has also joined the round as an angel investor and a mentor. Existing investors Blume Ventures and A91 Partners also participated in this round. The Bengaluru-based investment bank, IndigoEdge, was the exclusive banker for the transaction.
Our desire to enable enterprises with the best in customer engagement is one step closer to reality. We’re building the market's first cloud-based full-stack engagement suite by bringing in Ameyo’s contact center capabilities on top of Exotel’s cloud communication infrastructure. The platform will offer an easy way for businesses to communicate with customers over voice, chat, SMS, WhatsApp, and video without losing context,” said Shivakumar Ganesan, chief executive officer, and co-founder, Exotel.
This fresh infusion of funds will be used primarily to boost the product offerings of the company. Exotel and Ameyo recently announced their merger. The combined entity will focus on building a full-stack customer engagement platform in the emerging markets to accelerate communication to the cloud and providing conversational AI capabilities for improved customer experience. The organization is currently growing 70 per cent y-o-y and is at an ARR of $45 million.
“CPaaS is a $6 billion market in India and SEA and one of the fastest-growing technology areas in the post-covid world. Exotel has quietly emerged as the CPaaS platform of choice in India through its market-best reliability and comprehensive product suite. We are delighted to partner with them and expect them to become a globally relevant platform in the years to come,” shared Sumit Jain, senior partner, Sistema Asia Fund.
“This is a step in the right direction that allows Exotel to invest further in bringing seamless customer engagement on the cloud to emerging geographies. The convergence of customer data coupled with conversational AI capabilities will enable enterprises to monitor conversations, build smarter bots and assist customer service teams in real-time,” added Sachin Bhatia, chief executive officer, Ameyo.
Exotel is looking to hit an ARR of $200 million over the next 5 years and is planning to increase its headcount by 200 over the next 12 months.