Cloud-based customer engagement platform Exotel today announced it has raised $35 million in a Series C funding round led by IIFL AMC, Sistema Asia Fund, CX Partners, Singularity Growth Opportunities Fund, and Arun Sarin (Ex-CEO of Vodafone) who joined the round as an angel investor and a mentor.
The round also saw participation from existing backers Blume Ventures and A91 Partner. While IndigoEdge, a Bangalore-based investment bank, acted as the exclusive banker for the transaction, according to a statement.
Exotel will primarily use the raised funding to boost its product offerings. The development comes after the startup got merged with Ameyo, a Gurgaon-based firm that offers call centre software solutions.
The startup in a statement said that both the entities will be focusing 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.
Incorporated in 2011, Vijay Sharma, Shivakumar Ganesan, Ishwar Sridharan, and Siddharth Ramesh, launched Exotel to help businesses bring order and efficiency to customer communication.
The firm is currently 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.
“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.” Shivakumar Ganesan (Shivku), CEO & Co-founder of Exotel said.
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.”
At present, Exotel is growing 70% YoY and is at an ARR of $45 million.
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 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.”