CometChat has raised $10 Mn in a Series A round led by Signal Peak Ventures (SPV). Matchstick Ventures, Range Ventures, Unbound VC and others too participated in the round.
Founded in 2010 by siblings Anuj and Anant Garg, CometChat is a communication platform for enterprises that provides them with text, chat, video and voice communications that can be integrated into their websites and apps. The startup’s clients include HeySummit, Swedbank and Endeavour.
The Mumbai and Denver-based startup had earlier raised $1.6 Mn in a seed round from Range Venture, Silicon Badia and iSeed Ventures.
“We are thrilled to add SPV as an investor and partner as we look to scale our platform offering and expand our growing customer base. This is an important milestone that we wouldn’t have reached without our incredible team,” said Anuj Garg, cofounder and CEO of CometChat.
The startup plans to utilise the freshly infused capital towards expanding their global share with investments in employee growth, go-to-market strategies, scaling platform infrastructure and increasing product features.
“I’m incredibly excited to partner with the CometChat team as they reimagine the way developers implement chat across websites and apps,” said McKay Dunn, partner at Signal Peak Ventures. “They have been able to build out a world-class team and I couldn’t be happier to be a part of the CometChat journey,” he added.
Earlier this year, CPaaS (communication platform as a service) startup Ozonetel had raised $5 Mn in a Series A round of funding from Stakeboat Capital. Ozonetel, which began as a call centre service company in 2010, provides technical infrastructure and software solutions for call centres and omnichannel customer communication.
Apart from Ozonetel, CometChat also competes with Delhi NCR-based MyOperator and Knowlarity. Exotel raised $35 Mn in a Series C funding round this December while Knowlarity raised $20 Mn during a Series C round in 2016.
The global CPaaS market was valued at $4.54 Bn in 2020 and is projected to reach $26.03 Bn by 2026, growing at a CAGR of 34.3%. With the outbreak of the pandemic and work-from-home becoming more common, CPaaS services are expected to be more in demand. According to a survey by Accenture, more than 73% of customers said that they expected customer service to be easier, faster and more convenient than it currently is. The total addressable CPaaS market in India is expected to be worth $1.1 Bn by 2023.