Rocketlane raises $24 million funding led by 8VC, Matrix Partners India and Nexus Venture Partners

Left to right_ Deepak Balasubramanyam, Vignesh Girishankar, and Srikrishnan Ganesan, cofounders of Rocketlane

Customer onboarding platform Rocketlane on June 25 announced raising $24 million in its Series B funding round by existing investors 8VC, Matrix Partners India and Nexus Venture Partners, indicating rising interest from investors to back B2B SaaS startups.

The firm will be utilising the funding towards investment in launching new products, AI innovation and hiring, cofounder Srikrishnan Ganesan told Moneycontrol.

“There is a unique advantage that India SaaS has, it has the unique ability to build lot more products faster and that’s where we are doubling down as well. We are also focussing our investment towards AI innovation within our existing products,” Ganesan said.

The firm is bringing Gen AI innovation to the operations side through back-end automation and AI in governance and delivery segments as well.

Rocketlane was founded in April 2020 by Ganesan, Vignesh Balasubramanian, and Deepak Bala. These founders previously worked together at Freshworks, where they built and scaled multiple successful products.

Chennai and San Mateo-based Rocketlane said that it has tripled its revenue over the past year, reaching over 500 customers in 2023, including enterprises that switched to Rocketlane from legacy PSA tools.

“We are thinking long-term instead of short-term revenues. In fact during the macro slowdown, we did well. We expect to have a similar 2X to 3X growth in the next one to two years as well.” Ganesan said.

The firm is also adding more mid-market and enterprise clients to its portfolio. Its recent customer wins include OpenGov, LivePerson, Fivetran, Personio, and Zenoti. It has been servicing firms like IIcertis, Drift, Moveworks, and Clari.

The firm will also be looking to hire more employees in the coming years. It presently has around 125 employees.

“We have a lot of learship hirings as well as a lot of open positions to fill. We will be utilising our funding also towards this,” Ganesan said.

As part of its growth strategy, Rocketlane also announced the appointment of Rao Adavikolanu as Chief Marketing Officer (CMO).

The firm has so far raised $45 million in funding. In 2021, it raised around $3 million in seed funding and in 2022, it raised $18 million led by Asana investor, 8VC and other existing investors.

“We are thrilled to double down on backing Sri and the team at Rocketlane as they transform the PSA and customer onboarding categories with their industry-leading, AI-powered product and fast-growing list of marquee customers,” Jishnu Bhattacharjee, Managing Director, Nexus Ventures Partners said.