29 September, 2021, 9:00 IST
As featured on Mint, EconomicTimes, Entrepreneur, Financial Express, MoneyControl, CNBCTV18, YourStory, and other leading publications
September 29th, 2021, Bengaluru: Exotel has raised 35 million USD as a part of its series C funding from IIFL AMC, Sistema Asia Fund, CX Partners, Singularity Growth Opportunities Fund, and Arun Sarin, Ex-CEO 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. Bangalore-based investment bank, IndigoEdge, was the exclusive banker for the transaction.
This fresh infusion of funds will be used primarily to boost the product offerings of the company. Exotel & 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 organisation is currently growing 70% YoY and is at an ARR of 45 million USD.
Speaking on this occasion, Shivakumar Ganesan (Shivku), CEO & Co-founder of Exotel mentioned, “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.” Commenting on how the product suite enables enterprises, Shivku said “The platform will offer an easy way for businesses to communicate with customers over voice, chat, SMS, WhatsApp, and video without losing context.”
Expressing their trust in Exotel, Sumit Jain, Senior Partner, Sistema Asia Fund said “CPaaS is a $6Bn 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 their 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”
Speaking of creating an offering on unified customer data, Sachin Bhatia, CEO of Ameyo, mentioned “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 realtime”
Exotel is looking to hit an ARR of 200 million USD over the next 5 years and is planning to increase its headcount by 200 over the next 12 months.
Exotel is Asia’s leading customer engagement platform. Incorporated in 2011, Exotel was co-founded by three engineers to help businesses bring order and efficiency to customer communication. Working with some of the fastest-growing companies in the emerging markets (Ola, Flipkart, GoJek, HDFC Bank, Quikr, Redmart, etc.), Exotel with its voice, SMS infra, and Ameyo with its omnichannel contact center capabilities help manage their customer engagement over the cloud. Exotel’s world-class, cloud-based solution simplifies customer communication for over 6000 companies in India, the USA, SE Asia, Middle East, Australia, and Africa.