Customer communication platform Exotel on Wednesday said has raised $35 million (about Rs 259.5 crore) in funding from IIFL, Sistema Asia Fund, CX Partners, Singularity Growth Opportunities Fund and others.
Existing investors, Blume ventures and A91 capital along with angel investors also participated in the series C round, a statement said.
Arun Sarin, former CEO of Vodafone, has also joined the round as an angel investor and a mentor, it added.
The fresh funds will be used primarily to boost the growth of the company, it said.
“We're investing heavily in building the market's first vertically integrated full-stack engagement suite with interoperability of channels and convergence of customer data to enable enterprises to have multimodal conversations with customers. We are going to be expanding our team and doubling our headcount over the next 12 months,” Exotel CEO and co-founder Shivakumar Ganesan said.
Exotel, which had recently announced a merger with Ameyo, said the organisation is currently growing at 70 per cent year-on-year and is at an ARR (annual run rate) of $45 million. Exotel is looking to hit an ARR of 200 million USD over the next five years.
"CPaaS (Communications Platform as a Service) is a $6 billion market in India and SEA (South East Asia) and one of the fastest growing technology areas in the post-COVID world. Exotel has quietly emerged as the CPaaS platform of choice in India through their market-best reliability and comprehensive product suite," Sumit Jain, Senior Partner at Sistema Asia Fund, said.