Conversational AI platform Kore.ai to go for IPO in next two years, announces partnership with Tanla

US based conversational AI platform Kore.ai will be looking towards going for an initial public offering (IPO) within the next two years, its founder and CEO Raj Koneru told Moneycontrol. Conversational AI refers to chatbots or virtual agents with which users can talk to.

The startup, on Thursday, also announced an exclusive partnership with global communications-platform-as-a-provider (CPaas) Tanla, which is aimed at expanding the companies’ footprints in India, United Arab Emirates, Indonesia, Vietnam and Philippines.

In a conversation with MC, Koneru said that the aim is to go for the IPO in the coming years and clocking $100 million annual recurring revenue (ARR). Before going for an IPO, Kore.ai plans to raise its Series D funding. However, Koneru said that will take some time citing the turbulent markets, and added that the company will wait for it to stabilise in the future.

In 2021, Florida-headquartered Kore.ai raised $73.5 million in its Series C funding led by Vistara Growth and PNC and another $20 million in debut from Sterling National Bank. The round also saw participation from Nvidia.

Founded in 2014, Kore.ai offers enterprise-grade, end-to-end, no-code conversational AI platform and AI-first solutions for enterprises to design, build, test, host, deploy and manage virtual assistants, process assistants and conversational digital applications. The company has an employee strength of around 350 in Hyderabad.

Commenting on the partnership with Tanla, Koneru said, “Through this partnership, Tanla and Kore.ai will jointly offer a first-of-its-kind customer engagement platform offering conversation-first experiences that can automate and optimise voice and chat interactions across multiple channels, languages, and regions, while retaining the human touch all through…”

Through the partnership, Kore.ai and Tanla will also work on jointly accelerating product development and go-to-market in India and other countries.

“The Tanla – Kore.ai business partnership is a key milestone in our pursuit to provide best-in-class next-gen solutions to our enterprise customers. This partnership will provide cutting-edge AI solutions on Wisely Platform to help clients realise the value of truly omnichannel digital customer experiences,” said Uday Reddy, Founder Chairman and CEO, Tanla Platforms Limited.

Co-developed with Microsoft, Tanla’s Wisely is the world’s 1st blockchain-powered cloud-based platform that connects enterprises and suppliers through a secure ‘express route’, and claims to ensure complete transparency and immutable audit trails and zero dispute settlements.