🇮🇳 Customer engagement firm bags $40m in series D money

Exotel, a full-stack customer engagement platform based in India, has raised US$40 million in a series D funding round led by Steadview Capital.

Exotel co-founder and CEO Shivakumar Ganesan / Photo credit: Exotel

The fresh funds will be used to invest more into the West Asian and Southeast Asian markets. It also plans to use the capital for potential acquisitions to add more omnichannel and full-stack capabilities to the platform.

Founded in 2011, Exotel powers 40 million engagements each day for over 6,000 companies globally. According to the firm, companies such as Ola, Swiggy, Flipkart, Gojek, Byju’s, Urban Company, Zomato, and Oyo manage their customer engagement using Exotel’s services. The company also said that it has added 1,300 customers in the past 12 months.

At an annualized recurring revenue (ARR) of US$50 million, it is growing at 70% with a target to hit an ARR of US$200 million over the next four years, stated the company.

“Enterprises want to unify their customer journeys which involves bringing together disconnected channels, bots, and applications with siloed customer data across teams. For the first time we are enabling this over the cloud with our full-stack platform,” said Shivakumar Ganesan, co-founder and CEO of Exotel.