2021 has been transformational for Exotel – we raised multiple rounds of funds, merged with Ameyo, acquired Cogno AI and emerged as leaders in customer engagement space in emerging markets.
From being a customer communication platform that could support only two channels, we became a full-stack customer engagement platform with the ability to support all channels and tools. Now, we have everything businesses can ever need to have connected conversations across customer journeys.
We are now starting 2022 on a high note. I’m happy to announce that Exotel has raised a $40 million Series D round led by Steadview Capital, a leading global investment firm headquartered in London. Press release announcement >>
We are incredibly grateful to each one of our investors and are looking forward to working closely with them to build the future of customer engagement in emerging markets. With this round of funding, we’ll move faster towards our goals and solve more significant problems for our customers.
What this means for you
“Customer centricity” has taken on a whole new meaning post the pandemic, and over the last two years, we’ve been hard at work helping our customers meet these new expectations. With Ameyo and Cogno AI adding key elements to our full stack offerings, we’re closer than ever to solving the biggest customer engagement challenges facing enterprises today.
This round of funding will enable us to build these solutions for you faster with our full-stack platform. Here’s what you can look forward to:
1. Less time spent managing & integrating different tools
In the last few years, both businesses and customers have started using newer channels and apps for communicating with each other. To power these conversations, businesses are now using more tools than ever and the overhead of managing and integrating these tools has become significant.
Exotel can finally eliminate this overhead for you – with Exotel, you now have access to a single platform that can power intelligent conversations across devices and channels seamlessly. This means zero time spent integrating and managing different tools, and more time spent having meaningful conversations with customers.
2. Contextual communication across channels
It’s common for customers to move a conversation from one channel to another. But, few businesses are able to transfer the context to the new channel and agent handling the conversation. This loss of context leads to broken customer experiences – customers have to repeat themselves all over again every time they switch a channel.
Via Exotel’s central customer data platform (CDP), your agents will have access to a single customer profile across channels. Our CDP will store all customer interaction data under these profiles automatically. This way, customers can resume conversations and pick up where they left off seamlessly.
3. Intelligent customer conversations on autopilot
A chatbot unable to identify/understand an issue is a common occurrence – most of us have experienced this at one point or another. While the adoption of chatbots has enabled faster responses to customers, there’s unarguable room for improvement – most bots lack conversational intelligence.
With conversational AI capabilities, Exotel will soon be able to help you have better conversations with customers on autopilot. This will not only save time and resources but also increase customer satisfaction in the long run.
4. Highly productive agents
With bots handling all basic queries and issues, your agents are free to focus on more meaningful tasks and conversations. Additionally, Exotel will offer live recommendations to agents while they’re talking to a customer based on their history and preferences, which will increase the chances of success.
Exotel will also aid seamless bot to agent transfers, which is essential to keep customers from having to repeat their problem all over again.
5. Sentiment analysis & timely intervention
Not all customer service requests deserve the same amount of urgency and attention. But, most businesses use a first-come-first-served model, which makes it impossible to filter out the customers that need attention urgently.
With Exotel, you will be able to flag calls and chats where the customer sounds distressed or where the issue sounds urgent. Additionally, based on customer history and the nature of the query, Exotel will be able to pair the customer with the right agent. This will ensure your agents tend to urgent issues first and avoid escalations and bad reviews.
We’ll be spending most of 2022 converging the platforms and products of Ameyo, Exotel & Cogno AI. This fresh round of funding will enable us to bring this all-in-one platform to you faster. Speak to us if you’d like to switch to Exotel’s full-stack platform for your customer engagement needs.
Here’s a copy of the press release that went out today:
Full stack customer engagement platform Exotel raises $40 million in series D funding to enable enterprises to deliver connected customer experiences
January 04, 2022, Bangalore: Bengaluru-based full stack customer engagement platform Exotel has raised $40 million in its series D funding round led by Steadview Capital. Exotel has in total, raised approximately $100 million in the last 15 months across multiple debt and equity rounds.
Besides raising capital, Exotel in 2021 has made a mark by establishing itself as the biggest and only “full stack” customer engagement player in emerging markets after merging with Ameyo, a contact center platform in June and acquiring Cogno AI, a conversational AI platform in November last year.
Exotel’s annualized recurring revenue (ARR) is $50 million growing at 70% with a target to hit an ARR of $200 million over the next 4 years. Exotel acquired more than 1300 customers in the last 12 months including ITC Salaam in Saudi Arabia, Bajaj Allianz, City Mall, Krazybee, Shadowfax, and TCS.
The fresh infusion of funds will be primarily used to build the future of customer engagement by investing more into the Middle East and Southeast Asia markets, for potential acquisitions that add more omnichannel and full-stack capabilities to the platform and to enable growth.
“Enterprises want to unify their customer journeys to deliver connected experiences across touchpoints like web chat, co-browsing, video, etc., This involves bringing together disconnected channels, bots, applications with siloed customer data across teams. For the first time we are enabling this over the cloud with our full-stack platform,” commented Shivakumar Ganesan (Shivku), CEO & Co-founder of Exotel.
Speaking on their association with the new investors Steadview Capital Shivku said “Steadview Capital operates like a startup. They’re fast-paced and are willing to take bets on bold visions like the one we have. The team we interacted with is sharp and complements one another well. We’re excited to be working with them.”
Commenting on Exotel’s business, Ravi Mehta, CIO and Founder of Steadview Capital, said “Customer engagement is critical to businesses across India, APAC, and EMEA, especially in light of the ongoing impact of the pandemic. Exotel has grown rapidly to emerge as the clear category leader for solving such problems, enabling its customers to more easily communicate with consumers across engagement channels. Steadview couldn’t be more excited to support Exotel in the next phase of its journey.”
Expressing their trust in Exotel, Puneet Kumar, Managing Director at Steadview Capital said “The importance of having effective communication strategy is increasing over time and Exotel executed this successfully by powering communication to almost all internet unicorns in India. We like their vision of building an end-to-end communication stack to enable enterprises to engage intelligently with customers and are thrilled to be part of their next growth phase.”
Exotel recently announced changes to their leadership to their Product team. Currently, at a team size of about 1000, the company is targeting to increase the headcount by 200 by the end of 2022.
Bangalore-based tech-focused investment bank, IndigoEdge, was the advisor to Exotel across transactions over the last 15 months.
Commenting on working with Exotel-Ameyo team Mohammed A AlQahtani, Projects Manager – PMO & Governance at ITC Salam said “I would like to deliver my highest appreciation for Exotel-Ameyo and their outstanding efforts for our projects. They truly went above and beyond what was expected from them to overcome all the challenges day & night. We reached them at all times and we always find them in the other end with the will & capabilities to propose solutions, take action & support.”
Speaking of the success of Exotel’s Cogno AI chatbot Murali Sakthivel, CIO at Sundaram Mutual said “They have been the real game-changer in digitizing our support initiatives and up-scaling our customer service with their AI-driven chatbot. Their journey so far has been nothing but fruitful with a constant focus on elevating the customer experience at scale with industry-first initiatives and always improving the support channels to add more value to our customers. We’re moved by the young and energetic team’s proactive implementations and business knowledge and wish to continue this journey to unravel the true potential of digitizing our entire customer support suite.”
Exotel is the emerging market’s leading full stack customer engagement platform. Incorporated in 2011, Exotel’s world-class cloud-based product suite powers 40 million engagements daily for over 6000 companies in India, SE Asia, the Middle East, and Africa. Today, some of the fastest-growing companies in the emerging markets (Ola, Swiggy, Flipkart, GoJek, Byju’s, Urban Company, HDFC Bank, Zomato, Oyo, etc.,), manage their customer engagement with Exotel’s omnichannel contact center, a suite of communication APIs and conversational AI platform over the cloud.
For more information, please visit https://exotel.com