Marketing software solutions provider SingleInterface has raised $30 million in its first external funding round led by Singapore-based Asia Partners and PayPal Ventures in yet another instance of investors betting big on Software-as-a-Service (SaaS) startups.
The startup plans to use the funds for product development and global market expansion.
"We are currently Asia-focussed business and now we are also venturing into the Middle East, so we want to utilise this investment to put more people on the ground as we see a huge opportunity in the market," Tarun Sobhani, cofounder of SingleInterface, told Moneycontrol.
The firm will also be looking at hiring to strengthen its leadership team, Sobhani added.
Founded in 2015 by serial entrepreneurs Sobhani and Harish Bahl, the Founder of Smile Group, SingleInterface is a SaaS platform with an integrated product suite that offers digital marketing, customer engagement and e-commerce for multi-location enterprise brands.
The Gurugram-based firm counts Tata (Tata Motors and Titan), Reliance, Aditya Birla and Bajaj Groups and Airtel, Samsung, and HDFC as its clients.
SingleInterface had been bootstrapped since 2015 and was awaiting right opportunity and market to raise funds, Sobhani said.
"This is our first external funding round, it takes longer time to grow the business in the manner we imagined and to bring it to a good revenue level and it just felt right to (raise) money at this time," Sobhani said.
The firm has over 400 multi-location brands across food and beverage, retail, automotive, telecommunications, banking, and education industries.
“SingleInterface has shown an exceptional track record of fostering customer engagement and commerce for large enterprises over the last several years and has firmly established itself as a prominent player in the region, successfully integrating offline and online customer journeys to drive growth for physical retail locations," said Oliver Rippel, co-founder of Asia Partners.
The firm will also further invest in building a portfolio of AI-driven marketing and commerce-enabling products.
"We want to continue growing our capabilities from a tech stack perspective as well as add more AI use-cases within our portfolio, there is a very deep AI layer we have built and consumers are also finding value in these products," Sobhani said.
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