Bengaluru-based cloud telephone platform Exotel has closed its Series C round worth $35 Mn from IIFL AMC, Sistema Asia Fund, CX Partners, Singularity Growth Opportunities Fund and other investors. Existing investors such as Blume Ventures and A91 capital also participated in the round, along with former Vodafone CEO, Arun Sarin.
Exotel said it will utilise fresh capital to expand its team and double headcount over the next 12 months. Shivakumar Ganesan, CEO and cofounder of Exotel, said that the platform is investing heavily in building vertically integrated full-stack engagement suite, with interoperability of channels and convergence of customer data that will enable enterprises to have multimodal conversations with customers.
The fresh round of investment came months after it closed INR 45 Cr from A91 Partners and Blume Ventures in June this year. The startup has raised $5.4 Mn from A91 Partners in a mix of primary and secondary share sale in December last year. Exotel earlier this year merged with contact centre platform Ameyo, thus giving it a global reach to 60 countries.
Founded by Ganesan, Ishwar Sridharan and Siddharth Ramesh in 2011, Exotel is a cloud telephony platform that provides APIs for voice, messages and user verification services over voice telephony or internet communications. The company claims that it now facilitates about 4 Bn cloud calls a year for its 6K customers. Exotel currently work with startups such as Flipkart, Quikr, Redmart, GoJek, Ola among others.
The startup claims to be growing by 70% year-on-year at an annual run rate (ARR) of $45 Mn. The startup is aiming to hit an ARR of $200 Mn in the next five years. Exotel competes with Knowlarity and Waybeo in the cloud telephony domain, along with the likes of MyOperator.
As per a recent IDC report, the public cloud services market in the country is expected to hit $9.5 Bn by 2025 and is growing at 21.5% CAGR during 2020-25.