Total amount raised
$87.3 Million
Latest funding date
5/1/2023
Location
Exotel has successfully raised funds through seven rounds, with the latest being a debt financing round. The company is backed by 15 investors, including Stride Ventures and Steadview Capital.
Keep reading to explore the intricacies of Exotel's fundraising journey and the investors backing this innovative platform.
What Is Exotel?
Exotel, based in Bangalore, Karnataka, India, is a SaaS company specializing in customer engagement solutions. The company operates in various industries, including cloud data services, CRM, machine learning, and telecommunications. With a workforce of 501-1000 employees, Exotel offers a comprehensive suite of products such as contact center software, communications API, and conversational AI.
Founded to transform customer experience through AI-powered solutions, Exotel serves a diverse range of sectors, including financial services, eCommerce, logistics, healthcare, and education. Trusted by over 7,000 businesses globally, the company continues to innovate and expand its capabilities through strategic acquisitions and advanced technology offerings.
How Much Funding Has Exotel Raised?
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: May 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely for operational expansion and product development.
- Series D
- Amount Raised: USD 40,000,000
- Date: January 2022
- Lead Investors: Steadview Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To transform into a full-stack customer engagement platform and expand market presence in the Middle East and Southeast Asia.
- Series C
- Amount Raised: USD 35,000,000
- Date: September 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To broaden offerings and increase annualized recurring revenue.
- Series Unknown
- Amount Raised: INR 450,000,000
- Date: June 2021
- Lead Investors: A91 Partners, Blume Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and acquisition activities.
- Series Unknown
- Amount Raised: INR 400,000,000
- Date: December 2020
- Lead Investors: A91 Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product development and market expansion.
- Seed
- Amount Raised: USD 205,882
- Date: February 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and initial product development.
- Seed
- Amount Raised: USD 500,000
- Date: March 2012
- Lead Investors: Blume Ventures, Mumbai Angels
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and enter the market.
Total Amount Raised: USD 75,705,882
Current Valuation: Not publicly disclosed
Key Investors
- Steadview Capital
- Details: Steadview Capital is a leading alternative asset management firm that makes concentrated long-term investments across multiple industries. They participated in Exotel's Series D funding round.
- Investment Focus Areas: Technology, consumer, financial services, healthcare
- Notable Investments: Not publicly disclosed
- Blume Ventures
- Details: Blume Ventures is an early-stage venture capital firm that invests in technology startups in India. They have been a long-time backer of Exotel.
- Investment Focus Areas: Technology startups, SaaS, consumer internet
- Notable Investments: Not publicly disclosed
- IIFL Asset Management
- Details: IIFL Asset Management is part of the IIFL Group and focuses on a range of investment strategies, including private equity and venture capital. They participated in Exotel's Series D funding round.
- Investment Focus Areas: Private equity, venture capital, financial services
- Notable Investments: Not publicly disclosed
- A91 Partners
- Details: A91 Partners is a venture capital firm that invests in high-growth companies in India. They participated in Exotel's Series Unknown funding rounds.
- Investment Focus Areas: Consumer, healthcare, financial services, technology
- Notable Investments: Not publicly disclosed
- Mumbai Angels
- Details: Mumbai Angels is a network of angel investors that provides early-stage capital to startups in India. They participated in Exotel's seed funding round.
- Investment Focus Areas: Early-stage startups, technology, consumer internet
- Notable Investments: Not publicly disclosed
What's Next for Exotel?
Exotel stands at the cusp of significant growth, driven by its transformation into a full-stack customer engagement platform. The company is poised to expand its footprint in the Middle East and Southeast Asia, leveraging the increased demand for cloud telephony and integrated communication solutions. With an annualized recurring revenue of over $50 million and a growth rate of 70%, the opportunities are vast.
Future fundraising efforts are likely as Exotel continues to scale its operations and pursue strategic acquisitions. The company has a history of raising funds through both debt and equity, indicating flexibility in its approach. However, challenges such as integrating acquired technologies and competing with established global players like Microsoft and Amazon remain. Managing rapid growth and ensuring data security across different regions will also be critical as Exotel navigates its ambitious expansion plans.
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