Customer engagement platform Exotel, which counts A91 Partners and Blume Ventures among its investors, saw its consolidated operating revenue rise by just 6% to Rs 444.49 crore in the financial year ended March 2024, compared with a growth of 32% in FY23 and 167% in FY22.
To be sure, Exotel's revenue got a boost in FY22 and FY23 from acquisition of Allincall Drishti Soft.
The Bengaluru-based company, however, narrowed its losses by 65% in the fiscal year 2024 and turned earnings before interest, taxes, depreciation, and amortization (EBITDA) positive in the second and third quarter of FY24.
“FY24 has been transformative for Exotel as we advanced our product strategy to empower enterprises with cutting-edge AI-driven solutions,” said Adarsh Dikshith, CFO at Exotel.
It also expanded its international presence by making inroads into markets like Saudi Arabia, the UAE, and the US.
It aims to maintain the growth path by continuing to invest in its AI-based voice bots and conversational quality analysis (CQA) and expand presence beyond India. For the current fiscal year it expects to double earnings before interest, taxes, depreciation, and amortization (EBITDA).
Exotel, founded in 2011 by Shivakumar Ganesan, Ishwar Sridharan, Vijay Sharma, and Siddharth Ramesh, helps businesses organise and streamline client interaction with its cloud-based AI-powered customer engagement tool.
In early 2022, the A91 Partners-sponsored company raised $40 million in a Series D round of investment led by Steadview Capital as it eyed expansion into the Middle East and Southeast Asian countries.
A year later, the company let go of some employees citing poor performance and business restructuring which affected 80 employees.
So far, the company has raised over $100 million in equity and debt and counts Blume Ventures, Sistema, and 360 One (formerly IIFL Asset Management) as its investors.
