Bengaluru-based conversational AI and customer support SaaS provider Verloop is raising INR 26 Cr through equity & preference shares from Alpha Wave Incubation, Praitithi Investment Trust, Parampara Early Stage Opportunities Fund and Mumbai-based angel investors Manikkan Sangameswaran and Sankarnarayanan Sangameswaran.
As per ministry of corporate affairs filings accessed by Inc42, the conversational bot SaaS startup passed a board resolution to raise the funds. The company’s shareholders approved a private placement offer through Series A1 & A2 shares on July 31, 2020 to raise a total of INR 26,24,94,585 from the investors. Out of this, the company has received the first tranche of INR 3.38 Cr from Praitithi Investment Trust, Parampara Early Stage Opportunities Fund as per further filings. Parampara Early Stage Opportunities Fund has picked up 6,747 shares at INR 2,00,99,313, whereas Praitithi Investment Trust has acquired 4,607 shares at INR 1,37,24,253.
Part of the Y Combinator Startup School in 2017, Verloop offers businesses and enterprises customer support systems for customer acquisition sales, marketing, feedback and engagement. Verloop claims to have developed a patent-pending technology for the bot-to-human handoff for conversations when it detects that the conversation can be better served by a human representative. Currently, it offers a real-time dashboard for businesses to track customers 24×7, real-time reports, live chat feature and more.
Besides English, it supports Indian languages such as Hindi, Tamil, Telugu, Kannada, Marathi, Bengali and Hinglish. In the past, the company has claimed clients such as Nykaa, Cleartrip, Decathlon, Pipa Bella, Portea, Apollo Munich Health Insurance among others.
The company counts Infosys cofounder and Axilor Ventures’ Kris Gopalakrishnan, Portea Medical cofounder K Ganesh, former Facebook director Anand Chandrasekaran and Dr Ranjan Pai, the chairman of the Manipal Education and Medical Group (MEMG) among its early backers. The startup had last raised funding in November 2018 with a $3 Mn Series A round led by IDFC Parampara Fund.
Currently, Verloop claims to have processed over 2 Bn queries from customers across its clients, with over 100 Mn unique users reached and 92% support query deflection. At the same time, it claims that it can automate up to 60% of the customer-facing operations for companies in a month. In the ongoing Covid-19 pandemic and the months-long lockdown, Verloop partnered with PayU for the “Startups Helping Startups” platform to enable emerging businesses to take help from each other in these challenging times.