Indian sales automation startup LeadSquared secures $32m in series B round

LeadSquared, a Bangalore-based sales automation software-as-a-service company, announced that it has raised US$32 million in a series B funding round led by Gaja Capital.

Existing investors Stakeboat Capital and Silicon Valley tech entrepreneur Jyoti Bansal also joined the round.

(From left) LeadSquared co-founders Nilesh Patel, Prashant Singh, and Sudhakar Gorti / Photo credit: LeadSquared

LeadSquared provides sales execution, marketing automation, and field force management on its customer relationship management platform. It focuses on influencing customer journeys and driving efficiency in the sales process.

Some of the company’s other products include customer portals, a suite of tools to digitize application processing, a developer platform, and its no-code workflow builder.

Founded in 2011, LeadSquared currently has offices in Bangalore, Mumbai, Delhi, Hyderabad, and New Jersey. It claims to have over 1,000 customers globally and that it continues to see 100% revenue growth every year. Some of its customers include Indian firms Byju’s, Acko General Insurance, Amity University, Dunzo, and Practo.

LeadSquared plans to use the new funds for global expansions and continued product innovation in industries beyond education, financial services, and healthcare. Talent acquisition will also be a focus in the coming years.

In 2019, the India-based company raised US$3 million in its series A round led by Stakeboat Capital.

According to a report, the market size for global sales enablement platforms is expected to grow from US$1.1 billion in 2019 to US$2.6 billion by 2024, growing at a compound annual growth rate of 19.8% during the forecast period.