Verloop Raises $5 Million in Series a Funding From AWI and Existing Investors
The customer support automation platform competes with global players like IBM Watson and Amazon’s AWS Chatbot
Customer support automation platform, Verloop.io, has raised $5 million in its Series A funding round led by Alpha Wave Incubation (AWI), along with existing investors IDFC Parampara and Infosys cofounder Kris Gopalakrishnan.
This is AWI’s first investment in India. It was launched in May this year by Abu Dhabi’s sovereign fund, ADQ, to invest $300 million in startups across India and Southeast Asia. AWI is managed by New York-based investment firm Falcon Edge Capital.
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Founded by Gaurav Singh in 2015, Verloop.io enables businesses to automate customer support across channels and has processed over 2 billion queries from customers across its clients like Decathlon, Cleartrip, Livpure, Adani Capital, DSP Mutual Fund, Rentomojo, Scripbox, among others. It counts GrowthStory, the venture-builder platform founded by entrepreneurs K Ganesh and Meena Ganesh, as its promoter.
The platform competes with global players like IBM Watson and Amazon’s AWS Chatbot in the customer support segment which is estimated to be a $400 billion industry globally. Verloop has seen 200% growth in annual recurring revenue (ARR) over the last two years, the company claimed.
“We plan to allocate 60% of the funds raised in enhancing our tech while using the remaining amount in hiring talent, sales and global expansion across the Middle East, Southeast Asia and the US,” said Gaurav Singh, the company founder & CEO.
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Commenting on the investment, Navroz D Udwadia, cofounder and partner of Falcon Edge Capital, said, “With rapidly changing consumer behaviours, brands are now looking to enhance their customer support experience. We are excited to back Verloop.io and believe their offering is well tied with increasing demand for solutions that enable brands to supercharge their support teams and drive growth.”
Most chatbots in the market for customer support have templated responses. “To offer true customer experience, we will be ramping up our NLP (Natural Language Processing) capabilities across languages like Hindi, English, Hinglish, Arabic, Bahasa, Kannada, Tamil and Telugu,” said Singh.
“This will also allow us to respond to customer sentiments in addition to facilitating better interactions with them based on their preferred language of communication,” he added.
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