Exotel raises growth capital- aims to transform customer communication for the largest enterprises in Asia
Over the last 9 years, Exotel has grown to become the largest and the fastest growing cloud telephony platform in Asia. With this investment, Exotel will play a larger role in the region by expanding its product suite and taking it to a larger set of companies.
CEO and Co-founder of Exotel
Exotel announced today that it has raised INR 40 cr of growth capital financing from A91 Partners, through a mix of primary infusion and secondary purchase. Funds raised will be invested in product development and sales to bring Exotel closer to its goal of bringing cutting edge customer communication technology to the fastest growing enterprises in Asia. Over the last 9 years, Exotel has grown to become the largest and the fastest growing cloud telephony platform in Asia. With this investment, Exotel will play a larger role in the region by expanding its product suite and taking it to a larger set of companies.
The pandemic has changed the way companies conduct business. People are now increasingly moving away from an office setup. On-premise communication systems have become redundant. This has made digital transformation and migration to the cloud a priority. This has pushed not just technology companies but also enterprises in sectors as diverse as financial services, healthcare and automotive to make the move towards cloud communication. Speaking about this, Shivakumar Ganesan, CEO and Co-founder of Exotel said, “Hardware silos destroy great customer experiences. Exotel’s platform lets developers and companies break these silos down and build personalized and timely customer engagement across customer support, marketing, operations and sales.” Just over the last few months, Exotel has moved over 15,000 customer facing agents to cloud telephony across major banks, insurance companies, and other financial organisations. It currently powers customer communication for 4000+ organisations including Flipkart, Ola, Swiggy, Zerodha, etc. On an average, Exotel powers 10 million conversations every day. During the last financial year, the company exceeded 120 cr in revenues and was also profitable.
Gautam Mago, general partner, A91, said, “We have known Exotel for manyyears and have admired the company the founders and team have built. As the digital transformation of India and Asia accelerates, Exotel has a wonderful opportunity to realize its vision to power customer communication for modern companies. While they started with a focus on tech companies, we have been enthused to see increased enterprise adoption both before and during the pandemic. We are delighted to partner with them to help realize their vision.”
Speaking about the funding, Ishwar Sridhar, COO & Co-founder of Exotel said that,”We are excited about creating more opportunities for wealth creation for our employees. We have earmarked funds for the buy back of ESOPs. We are also creating an additional ESOP pool so that employees can further participate in the wealth creation of the company.”
Exotel is Asia’s leading customer communication platform. Incorporated in 2011, Exotel was co-founded by three engineers to help businesses bring order and efficiency to customer communication. Working with some of the fastest growing companies in Southeast Asia (Uber, Ola, Flipkart, GoJek, Lazada, Quikr, Redmart, etc.), Exotel helps them manage their customer communication over calls & SMS. Exotel’s world-class, cloud-based solution simplifies customer communication for over 4000 companies in India, Australia, and SEA.