Verloop.io raises $5 million in funding led by Alpha Wave Incubation

Customer support automation platform Verloop.io on Tuesday said it has raised $5 million (about Rs 37.2 crore) in funding led by Alpha Wave Incubation. ADQ-backed Alpha Wave is managed by Falcon Edge Capital.

The series A round also saw participation from existing investors IDFC Parampara and Infosys co-founder S Gopalakrishnan.

Verloop.io had previously raised $3 million in seed funding from IDFC Parampara Fund, Gopalakrishnan and others.

The latest investment will be used to fuel the product development roadmap, which includes hiring top talent across the data science and engineering domains, while pursuing rapid geographic expansion across the Middle East, Southeast Asia, and the US, it added.

The company, however, did not disclose the valuation.

"This investment, especially during COVID times, is an endorsement of our machine learning capabilities. We are now looking to hire top talent and build further traction for the business globally," Verloop.io founder and CEO Gaurav Singh said.

Verloop.io said it has grown by 200 percent (average revenue run rate) over the last two years.

"With rapidly changing consumer behaviour, 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," Navroz D Udwadia, co-Founder and Partner of Falcon Edge Capital, said.

Verloop.io enables businesses to automate customer support across channels and has processed over 2 billion queries from customers across its clients, with over 100 million unique users.

Founded by Gaurav Singh in 2015, Verloop.io works with over 5,000 brands globally, including Decathlon, Cleartrip, Dar Al Arkan, Fetchr, Livpure, Adani Capital, DSP Mutual Fund, Rentomojo, Scripbox and others.