The decade-old company, which remained bootstrapped for most of its life, said the latest fundraising brings the total capital it has raised over the last 15 months to about $100 million. Exotel is looking to grow fast as demand for cloud telephony has exploded due to the Covid-19 pandemic.
Cofounder and Chief Executive Shivakumar Ganesan said the company is evolving itself from a platform that helps businesses communicate with their customers, to one that helps them engage with their customers through chat, voice, email, video and bots.
“Enterprises want to unify their customer journeys to deliver connected experiences across touchpoints like web chat, co-browsing, video, etc,” Ganesan said. “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.”
Exotel is driving some of this demand through its merger with contact centre platform Ameyo and acquisition of conversational artificial intelligence platform Cogno AI last year. The firm said it will continue to look for acquisition targets that allow it to build a full-stack experience for customers.
In the last 12 months, it has acquired more than 1,300 customers including ITC Salaam in Saudi Arabia, Bajaj Allianz, City Mall, Krazybee, Shadowfax and Tata Consultancy Services. The company says its annualised recurring revenue (ARR) has crossed the $50 million mark and is growing at 70%.
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“Customer engagement is critical to businesses across India, APAC and EMEA, especially in light of the ongoing impact of the pandemic,” said Ravi Mehta, founder of Steadview Capital. “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.”
