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 the emerging market’s leading customer conversation platform and business-focused virtual telecom operator. Exotel has also recently received a virtual telecom operator license in India to offer cost-effective end-to-end VoIP telephony services, making the company a 100% compliant cloud calling operator. Exotel was founded in 2011 and has an impressive cloud-based product suite that drives 70+ million conversations every day for more than 7000 businesses in India, Southeast Asia, the Middle East, and Africa. Today, the omnichannel contact center, communication API suite, and conversational AI platform from Exotel help some of the fastest- growing businesses in emerging countries manage their customer engagement.
Exotel has won The ET StartUp Awards 2022 under the Comeback Kid category.
For more info, visit: https://exotel.com