The funding will help Exotel expand internationally and further develop its technology. Here are the top-line bullets you need to know.
Exotel, a customer engagement platform, has raised $40M in a Series D round that drew participation from Steadview Capital and some undisclosed investors.
HOW’S THE COMPANY PERFORMING?
- India-based Exotel provides businesses with a variety of tools, such as contact centers, chatbots, and APIs, in order to help them engage with their customer across multiple digital touchpoints.
- Its platform facilitates 40M interactions each day.
- The company’s ARR has reached $50M, and it aims to reach an ARR of $200M in the next 4 years.
- Exotel’s customer base has grown by 1,300 to reach 6,000 at present. Ola, Swiggy, Flipkart, TCS, ICICI Bank, and HDFC Bank are included among its clients.
- It acquired Cogno AI, a conversational AI platform, in November 2021. It also merged with Ameyo, a contact center platform, in June 2021.
- The startup is currently supported by a team of 1,000 employees, and it plans to increase its headcount by 200 in 2022.
- Exotel operates in India, Southeast Asia, the Middle East, and Africa.
WHY DOES THE MARKET MATTER?
- The global Communications Platform as a Service (CPaaS) market is expected to reach a value of $26B by 2026, growing at a CAGR of 34.3%, according to Mordor Intelligence.
- The Covid-19 pandemic has compelled organizations across various industries to adopt CPaaS solutions in order to enhance digital customer engagement.
- The industry will keep evolving as major companies like Microsoft, Cisco, and AT&T enter the market and facilitate consolidation through M&A activity.