Exotel, a customer engagement platform, has raised $40 million as a part of its Series D funding led by Steadview Capital. It plans to use the new funds to expand into the Middle East and Southeast Asia regions, as well as for future acquisitions that will provide the platform with more omnichannel and full-stack capabilities, the company said in a statement on Tuesday.
Exotel has raised about $100 million in multiple debt and equity rounds over the previous 15 months. According to the company, its annualized recurring revenue (ARR) is at $50 million and growing at 70% with a target to hit an ARR of $200 million over the next 4 years.
Exotel also claims to have acquired more than 1,300 customers in the last 12 months including ITC Salaam in Saudi Arabia, Bajaj Allianz, City Mall, Krazybee, Shadowfax, and TCS among others.
"Enterprises want to unify their customer journeys to deliver connected experiences across touchpoints like web chat, co-browsing, video, etc., 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," Shivakumar Ganesan, CEO and co-founder of Exotel.
Bangalore-based Exotel is a cloud-based AI-powered customer engagement tool that helps businesses organise and streamline client interactions.
Shivakumar Ganesan, Ishwar Sridharan, Vijay Sharma, and Siddharth Ramesh founded Exotel Techcom Pvt Ltd in 2011. Sharma later left the company.
“The importance of having effective communication strategy is increasing over time and Exotel executed this successfully by powering communication to almost all internet unicorns in India. We like their vision of building an end-to-end communication stack to enable enterprises to engage intelligently with customers,” Puneet Kumar, Managing Director at Steadview Capital said.
IndigoEdge, a Bangalore-based tech-focused investment bank, advised Exotel on several transactions over the last 15 months.
In September, Exotel raised $35 million (around Rs 260 crore) as a part of its Series C funding from IIFL AMC, Sistema, CX Partners, and Singularity Growth Opportunities Fund. Last year, Exotel had pulled in fresh funding from A91 Partners more than eight years after the platform had raised seed funding from Blume Ventures and Mumbai Angels.
Exotel and Ameyo, a call centre software provider, announced their merger in June. In emerging regions, the combined entity will focus on developing a full-stack customer engagement platform.
