India-based customer engagement software provider Exotel secured $35m yesterday in a series C round co-led by conglomerate Sistema, private equity group CX Partners and venture capital fund A91 Partners.
The round also featured IIFL AMC, Blume Ventures, Singularity Growth Opportunities Fund and Arun Sarin, former chief executive of mobile network operator Vodafone.
Founded in 2011, Exotel has developed a suite of products to help businesses maintain efficient communications with their customers through a variety of mediums including voice and chat.
The capital will be used mainly to accelerate product development. It comes after Exotel merged with customer engagement platform developer Ameyo in June this year to boost its reach.
The company raised about $6m from A91 Partners, Blume Ventures and assorted private investors the same month, after A91 had invested $5.4m in December 2020.
Shivakumar Ganesan, co-founder and chief executive of Exotel, said: “Our desire to enable enterprises with the best in customer engagement is one step closer to reality.
“We are building the market’s first cloud based full-stack engagement suite by bringing in Ameyo’s contact centre capabilities on top of Exotel’s cloud communication infrastructure.
“The platform will offer an easy way for businesses to communicate with customers over voice, chat, SMS, WhatsApp and video without losing context.”
