Exotel, a Bengaluru-based full stack customer engagement start-up, raised $40 million in Series D funding led by Steadview Capital. The total amount of investment in the platform has now reached $100 million, which was raised over the last 15 months through various debt and equity rounds.
Exotel has become the biggest and only full stack customer engagement player in emerging markets after merging with Ameyo in June, and acquiring Cogno AI in November last year, a conversational AI platform.
Exotel's annualized revenue ARR is $50 million and it claims to be growing at 70 per cent with a target of $200 million over the next 4 years. In the last 12 months, Exotel has acquired more than 1300 customers including ITC Salaam in Saudi Arabia, Bajaj Allianz, City Mall, Krazybee, Shadowfax and TCS.
The new infusion of funds will mainly be used to build the future of customer engagement by investing more into the Middle East and Southeast Asia markets, to add more omni-channel and full-stack capabilities to the platform and enable growth.
Enterprises want to deliver connected experiences across touchpoints like web chat, co-browsing, video, etc. This involves bringing together disconnected channels, bots, applications and siloed customer data across teams. The full-stack platform is enabling this over the cloud for the first time, according to Shivakumar Ganesan Shivku CEO Co-founder of Exotel.
The company has over 40 million engagements daily for over 6000 companies in India, SE Asia, the Middle East, and Africa. India's biggest start-ups including Byju s, Urban Company, HDFC Bank, Zomato and OYO have been using Exotel's omni-channel contact centre, the company stated.
Customer engagement is critical to businesses in India, APAC, and EMEA because of the ongoing impact of the Pandemic. Exotel has grown quickly to be the leader in solving such problems, enabling its customers to communicate with consumers across engagement channels. Steadview couldn't be more excited to support Exotel in the next phase of its journey, said Ravi Mehta, CIO and founder of Steadview Capital.